The All‐Gap Phillips Curve

The all‐gap Phillips curve (PC) explains inflation by expected inflation and an activity variable such as output or the unemployment rate, but with both inflation and the activity variable measured relative to their stochastic trends and thus as gaps. We study this relationship with minimal auxiliar...

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Veröffentlicht in:	Oxford bulletin of economics and statistics 2023-04, Vol.85 (2), p.269-282
Hauptverfasser:	McNeil, James, Smith, Gregor W.
Format:	Artikel
Sprache:	eng
Schlagworte:	Inflation Phillips curve Rational expectations Unemployment unobserved components
Online-Zugang:	Volltext
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