How common are wage–price spirals, and what has happened in their aftermath? We
construct a new historical database of wage–price spirals—identified as episodes with …

" So we have now experienced an extraordinary series of shocks if you think about it. The
pandemic, the response, the reopening, inflation, followed by the war in Ukraine, followed by …

Abstract Using a New Keynesian Phillips curve, we document the rapid and persistent
increase in the natural rate of unemployment, ut∗, in the aftermath of the pandemic and …

This paper explores dynamic interactions and connectedness between inflation,
commodities, and economic and monetary policy uncertainty during various market phases …

Many studies have documented that the sales concentration of US producers has risen in
recent decades. In this article, we show that this increase was accompanied by more entry …

A trend-cycle BVAR decomposition investigates the role of different slow-moving trends–ie,
globalization, expectations, automation, labor demand and supply–in shaping the slow …

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 …

This paper examines the presence of nonlinearities in the Phillips curve. We allow for a
flexible form of nonlinearity and estimate a threshold regression model with the number and …

This paper discusses the Federal Reserve's new framework and highlights some important
policy implications that flow from the revised consensus statement and the new strategy. In …

We study monetary transmission in a model of state-dependent prices and wages based on
'control costs'. Stickiness arises because precise choice is costly: decision makers tolerate …