Price inflation in the U.S. has been sluggish and slow to pick up in the last two decades. We show that this missing … inflation can be traced to a growing disconnect between unemployment and core goods inflation. We exploit rich industry … slow inflation pick-up in the last two decades. We set up a theoretical framework where markups and pass-through are a …

reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show hat 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 …