Blanco, Andres; Boar, Corina; Jones, Callum; Midrigan, … - 2024
, consistent with the evidence, increases with inflation. Because we assume that firms sell multiple products and choose how many … inflation accelerator-a feedback loop between inflation and the fraction of price changes-that significantly increases the slope … of the Phillips curve during periods of high inflation. Applied to the U.S. time series, our model predicts that the …