We review and assess the monetary policy framework currently used by the Federal
Reserve, with special focus on policies that operate through the slope of the term structure …

The business cycle is alive and well, and real variables respond to it more or less as they
always did. Witness the Great Recession. Inflation, in contrast, has gone quiescent. This …

Unconditional reduced form estimates of a conventional wage Phillips curve for the US
economy point to a decline in its slope coefficient in recent years, as well as a shrinking role …

Using CPI microdata for 11 euro area countries over 2010–2019, we document new findings
on consumer price rigidity in the euro area:(i) the average frequency of price changes is 12 …

We explain the role of the Phillips Curve in the analysis of the economic outlook and the
formulation of monetary policy at the ECB. First, revisiting the structural Phillips Curve, we …

This paper is a partial exploration of mechanisms through which global factors influence the
tradeoffs that US monetary policy faces. It considers three main channels. The first is the …

We revisit the Phillips curve, applying new Bayesian panel methods with structural breaks to
US and EU disaggregate data. Our approach lets us estimate both the number and timing of …

Price inflation in the US has been slow to pick up in the last two decades. We show that this
missing inflation can be traced to a growing disconnect between unemployment and core …

Abstract We estimate a New Keynesian Phillips curve that allows for changes in the degree
of anchoring of agents' subjective inflation forecasts. The estimated slope coeffi cient in US …

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 …