Galí, Jordi; Gertler, Mark; López-Salido, J David - C.E.P.R. Discussion Papers - 2001
We provide evidence on the fit of the New Phillips Curve (NPC) for the Euro area over the period 1970–1998, and use it … fits Euro area data very well, possibly better than US data, (b) the degree of price stickiness implied by the estimates is … substantial, but in line with survey evidence and US estimates, (c)\ inflation dynamics in the Euro area appear to have a stronger …