How should policymakers respond to the recent surge in inflation? This paper examines the
impact of global supply chain pressures on euro area inflation and the implications for …

An apparent disconnect has taken place between inflation and economic activity in the pre-
COVID US economy, causing some to believe that the Phillips curve has flattened. We argue …

We study the relation between inflation and real activity over the business cycle. We employ
a Trend-Cycle VAR model to control for low-frequency movements in inflation …

In US data, inflation and output are negatively related in the long run. A Bayesian VAR with
stochastic trends generalized to be piecewise linear provides robust reduced-form evidence …

A vast literature has documented how US inflation persistence has fallen in recent decades,
but this finding is difficult to explain in monetary models. Using survey data on inflation …

This study examines the asymmetrical effects of unemployment and output on inflation in
Greece. It applies a nonlinear autoregressive distributed lag model to focus on how positive …

Da weder klar ist, wann die COVID-19-Pandemie oder der russische Invasionskrieg endet,
ist momentan nicht abzusehen, zu welchem Zeitpunkt wieder mit ungestörten weltweiten …

Not in standard models. With conventional pricing frictions, imposing a flat Phillips curve
also imposes a price level that is rigid with respect to supply shocks. In the New Keynesian …

Postwar US labor market data feature a substantial secular decline in employment and
wage gaps between males and females. We set out to identify the underlying, structural …

Empirical estimates find that the relationship between inflation and the output gap is close to
nonexistent—a so-called flat Phillips curve. We show that standard pricing frictions cannot …