The slope of the Phillips curve

Francesco Furlanetto and Antoine Lepetit

Chapter 8 in Research Handbook on Inflation, 2025, pp 167-185 from Edward Elgar Publishing

Abstract: We review recent developments in the estimation and identification of the Phillips curve and its slope. We have three main objectives. First, we describe the econometric challenges faced by traditional approaches of estimating the Phillips curve, explain how new approaches address those challenges, and assess which limitations still remain. Second, we review the findings of those new approaches and examine the evidence regarding a potential flattening of the Phillips curve in the pre-pandemic period. Third, we provide an account of inflation dynamics in the post-pandemic period with a particular emphasis on the role of nonlinearities.

Keywords: Phillips curve; Inflation; Economics; Endogeneity; Monetary shocks (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035327751
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