Jansen, Eilev S. - European Central Bank - 2004
The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost … equation of the Area Wide model (AWM) - cf. Fagan, Henry and Mestre (2001) - and estimated versions of the (single equation) P …* model and a hybrid New Keynesian Phillips curve. The evidence from these comparisons does not invite decisive conclusions …