Eser, Fabian; Karadi, Peter; Lane, Philip R.; Moretti, Laura - 2020
We explain the role of the Phillips Curve at the ECB in the analysis of the economic outlook and the formulation of … parameters from reduced-form estimates and relate the reduced-form Phillips Curve to (semi-)structural models used at the ECB for … monetary policy. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural …