Sectoral Phillips curves and the aggregate Phillips curve

Jean Imbs, Eric Jondeau and Florian Pelgrin
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Florian Pelgrin: UNIL - Université de Lausanne = University of Lausanne, CIRANO - Centre interuniversitaire de recherche en analyse des organisations - UQAM - Université du Québec à Montréal = University of Québec in Montréal

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Abstract: Sector-level Phillips curves are estimated in French data. There is considerable heterogeneity across sectors, with vastly different estimates of the backward looking component of inflation and the duration of nominal rigidities. A multi-sector model of inflation dynamics is calibrated on the basis of these sectoral estimates. Aggregate inflation, simulated on the basis of heterogeneous sectors, displays comparable dynamics to actual data. A comparison is drawn between the policy trade-offs implied by a Phillips curve based on macroeconomic estimates vs. one based on a model with heterogeneous sectors. The difference is sizeable.

Keywords: New Keynesian Phillips Curve; Heterogeneity; Inflation Persistence; Marginal Costs (search for similar items in EconPapers)
Date: 2011-05
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Citations: View citations in EconPapers (46)

Published in Journal of Monetary Economics, 2011, 58 (4), pp.328-344. ⟨10.1016/j.jmoneco.2011.05.013⟩

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Related works:
Journal Article: Sectoral Phillips curves and the aggregate Phillips curve (2011)
Working Paper: Sectoral Phillips curves and the aggregate Phillips curve (2011)
Working Paper: Sectoral Phillips curves and the aggregate Phillips curve (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00612310

DOI: 10.1016/j.jmoneco.2011.05.013

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