inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after … an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …

the leading shock candidates can explain fluctuations in output and hours. It concludes that we are much closer to …

inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which … resolves this apparent micro - macro conflict. Our model is consistent with post-war U.S. evidence on inflation inertia even …

This paper formulates and estimates a three-shock US business cycle model. The estimated model accounts for a … substantial fraction of the cyclical variation in output and is consistent with the observed inertia in inflation. This is true …

Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical …. Empirical estimates of the Phillips curve during the low-inflation period confirm previous findings of a relatively flat but … setting, changes in trend inflation above 5-6% would have significant effects on the euro area Phillips curve. Similarly …

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly …