This article addresses the issue of Phillips Curve stability between different Federal Reserve (Fed) chairmen, from the time Paul Volcker took office in the late 1970s all the way up until 2010 under the leadership of Ben Bernanke. Phillips Curves are estimated both across and within the regimes...

Many researchers have found that estimating the New Keynesian Phillips Curve (NKPC) using the output gap to proxy for real marginal cost tends to produce a counter-intuitive coefficient sign in the model, whereas using the labour income share produces the expected coefficient sign. This article...