Inflation Expectations and the Stability of the Phillips Curve Relationship
Abstract
We analyze the Phillips curve relationship in the euro area and the U.S. using monthly survey data on expected inflation. The dataset enables us to estimate models of the Phillips curve without assuming rational expectation formation. We find evidence for a Phillips curve relationship consistent with the theory. Furthermore, we show that the Phillips curve relationship is stable with structural regime switches which are of minor importance....
Paper Details
Title
Inflation Expectations and the Stability of the Phillips Curve Relationship
Published Date
Jan 1, 2013
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