Boug, Pål; Cappelen, Ådne; Swensen, Anders Rygh - Statistisk Sentralbyrå, Government of Norway - 2006
The New Keynesian Phillips Curve (NKPC) has become the benchmark model for understanding inflation in modern monetary economics. One reason for the popularity is the microfoundation of the model, which decomposes agents' behaviour into price adjustments and deviations of the price level from its...
