fraction of price changes increases with inflation. In addition, in the presence of strategic complementarities, they predict …

, consistent with the evidence, increases with inflation. Because we assume that firms sell multiple products and choose how many … inflation accelerator-a feedback loop between inflation and the fraction of price changes-that significantly increases the slope … of the Phillips curve during periods of high inflation. Applied to the U.S. time series, our model predicts that the …

aggregate demand still can cause significant inflation. …

This paper examines the relationship between cyclical output and inflation in models commonly used for monetary policy … finding is that these models imply a strong negative relationship between inflation and output, a result that is at odds with …

The recently observed disconnect between inflation and economic activity can be explained by the interplay between the … offset the effect of lower factor costs and induce only moderate inflation responses. The Phillips curve is hence flat at the …

inflation and output. In normal times, factor costs dominate firms' marginal costs and hence inflation; credit spreads and the … stick shape. This mechanism also weakens the effects of forward guidance on inflation, since such policy reduces spreads and …

In this paper we propose a straightforward method to derive a non-accelerating inflation capacity utilisation rate … adjustments. The non-accelerating inflation capacity utilisation rate is then defined as the rate where a firm feels no price …

Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and … soaring food and energy prices, especially since the Russian Federation's invasion of Ukraine. Markets expect inflation to … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the …