The possible short-run trade-off between the inflation (gap) and the output (gap) remains a critical policy issue for … any emerging economy; particularly when an implicit or an explicit inflation targeting monetary policy is considered. The … New Keynesian Phillips Curve (NKPC) has recently set up a framework on the trade-off between the inflation (gap) and the …

In this paper we test a new empirical relationship between wage and inflation. We introduce the concept of a cumulative … relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …. The shape of the post-crisis Phillips Curve expresses the theoretical assumption that the inflation rate stays below its …