We incorporate adaptive learning-based inflation expectations in an Unobserved Components model in order to study the … link between inflation and the output gap. The forward-looking New Keynesian Phillips curve serves as the backbone for … modeling inflation dynamics. We find that learning based inflation forecasts not only shadow survey expectations in the pre …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

inflation. We introduce a small idiosyncratic component in firms' marginal costs and let the economywide average marginal cost …

In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the … analysis conducted on two decades of quarterly data covering 17 countries yields a yes on both counts. First, inflation is …

This paper contrasts empirically four leading models of inflation dynamics - the accelerationist Phillips curve (APC …

The diminished sensitivity of inflation to changes in resource utilization that has been observed in many advanced … examine this "globalization" hypothesis using both aggregate U.S. data on measures of inflation and economic slack and a rich … the overall decline in responsiveness of aggregate inflation to fluctuations in economic activity. This flattening of the …

How does competition affect information acquisition of firms and thus the response of inflation and output to monetary … uncertainty about inflation as a non-targeted moment. …