A Phillips Curve with an Ss Foundation

We develop an analytically tractable Phillips curve based on state‐dependent pricing. We consider a local approximation around a zero inflation steady state and introduce infrequent idiosyncratic shocks. The resulting Phillips curve is a simple variant of the conventional time‐dependent Calvo formul...

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Veröffentlicht in:	The Journal of political economy 2008-06, Vol.116 (3), p.533-572
Hauptverfasser:	Gertler, Mark, Leahy, John
Format:	Artikel
Sprache:	eng
Schlagworte:	Approximation Data analysis Economic models Economic theory Inflation Marginal costs Markups Menu costs Money supply Phillips curve Political economy Price level changes Price shocks Prices Pricing policies Productivity Real rigidities State Studies Time
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