resulting Phillips curve involves lagged inflation and lagged expectations. It nests the Calvo NKPC as a limiting case in the … inflation always has negative coefficients, thereby making it impossible to interpret inflation persistence as intrinsic. The … shocks, and output leads inflation. …

reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show that it is the 4 … price reset hazard function can generate simulated data that are consistent with inflation gap persistence found in US CPI … data. I conclude that a non-constant price reset hazard plays a crucial role for generating realistic inflation dynamics. …

This paper presents an approach to identify aggregate price reset hazards from the joint dynamic behavior of inflation … and macroeconomic aggregates. The identification is possible due to the fact that inflation is composed of current and …

deliver a reasonable explanation for the differences in the pattern of inflation between the two countries. …