Has the Phillips curve flattened?

Barbara Rossi, Atsushi Inoue and Yiru Wang
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Yiru Wang: Pittsburgh University

French Stata Users' Group Meetings 2024 from Stata Users Group

Abstract: We contribute to the recent debate on the instability of the slope of the Phillips curve by offering insights from a flexible time-varying instrumental-variables approach robust to weak instruments. Our robust approach focuses directly on the Phillips curve and allows general forms of instability, in contrast to current approaches based either on structural models with time-varying parameters or on instrumental-variables estimates in ad hoc subsamples. We find evidence of a weakening of the slope of the Phillips curve starting around 1980. We also offer novel insights on the Phillips curve during the recent pandemic: the flattening has reverted and the Phillips curve is back.

Date: 2024-06-29
New Economics Papers: this item is included in nep-his
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http://repec.org/frsug2024/France24_Rossi.pdf presentation materials (application/pdf)

Related works:
Working Paper: Has the Phillips Curve Flattened? (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:boc:fsug24:22

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