Jondeau, Eric; Bihan, Hervé Le - EconWPA - 2001
Phillips curves, which include both backward and forward-looking components, for major European countries, the euro area, and … setters is large (in most cases, more than 50 percent), suggesting only limited differences between the US and the euro area …. Finally, our preferred specification includes marginal cost in the case of the US and the UK, and output gap in the euro area. …