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Conference Paper
Inflation expectations, uncertainty, the Phillips curve, and monetary policy - comments
Kiley, Michael T.
(2008)
Historical experience suggests an important role for some deviation from the most restricted form of rational expectations in inflation dynamics, but also shows that other aspects of sluggish price adjustment, such as nominal rigidities, are important; and the available indicators of inflation expectations show that imperfect information regarding central bank intentions has been one source of inertia in inflation expectations.
Conference Series ; [Proceedings]
Journal Article
The Long-Run Costs of Higher Inflation
L'Huillier, Jean-Paul; DeLuca, Martin
(2023-10-17)
This Economic Commentary provides an overview of several frictions and the channels through which they affect economic welfare under elevated trend inflation above 2 percent. These frictions, associated with financial transactions, price and wage stickiness, and cognitive limitations, suggest that inflation imposes significant costs on society. Higher inflation may lead to a steeper Phillips curve, a situation which increases the volatility of inflation and interest rates.
Economic Commentary
, Volume 2023
, Issue 17
Working Paper
The Death of the Phillips Curve?
Murphy, Anthony
(2018-01-01)
Are inflation dynamics well captured by Phillips Curve models, or has this framework become less relevant over time? The evidence for the U.S. suggests that the slopes of the price and wage Phillips Curves? the short-run inflation-unemployment trade-offs ? are low and have got a little flatter. For example, the recursive estimate of the unemployment coefficient in the core PCE Phillips Curve has fallen a little from -0.09 to -0.07 since the Great Recession. However, the decline is not statistically significant. Dynamic forecasts from the wage and price Phillips Curves estimated using data ...
Working Papers
, Paper 1801
Journal Article
Fixing the New Keynesian Phillips curve
Dennis, Richard
(2007)
This Economic Letter looks at the problems with the NKPC and discusses some alternatives that are increasingly being used to think about inflation and the monetary policy transmission mechanism.
FRBSF Economic Letter
Conference Paper
General discussion: modeling inflation after the crisis
Collins, Susan M.
(2010)
Proceedings - Economic Policy Symposium - Jackson Hole
Journal Article
Inflation and unemployment: a layperson's guide to the Phillips curve
Weinberg, John A.; Lacker, Jeffrey M.
(2007-07)
Economic Quarterly
, Volume 93
, Issue Sum
, Pages 201-227
Monograph
Essays on inflation
Humphrey, Thomas M.
(1986)
Monograph
Working Paper
The transmission of domestic shocks in the open economy
López-Salido, J. David; Gust, Christopher J.; Erceg, Christopher J.
(2007)
This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark differences hinge on calibrations that impose an implausibly high trade price elasticity and Frisch elasticity of labor supply. Overall, our results suggest that the main effects of openness are on the composition of expenditure, and on the wedge between consumer and domestic prices, rather than on the ...
International Finance Discussion Papers
, Paper 906
Report
Wage growth and sectoral shifts: new evidence on the stability of the Phillips curve
Rissman, Ellen R.
(1987)
Staff Memoranda
, Paper 87-1
Working Paper
Phillips curve instability and optimal monetary policy
Davig, Troy A.
(2007)
This paper assesses the implications for optimal discretionary monetary policy if the slope of the Phillips curve changes. The paper first derives a ?switching? Phillips curve from the optimal pricing decision of a monopolistic firm that faces a changing cost of price adjustment. Two states exists, a state with a high cost of price adjustment that generates a ?flat? Phillips curve and a low-cost state that generates a relatively ?steep? curve. The second aspect of the paper constructs a utility-based welfare criterion. A novel feature of this criterion is that it has a relative weight on ...
Research Working Paper
, Paper RWP 07-04
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