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Prices and unit labor costs: a new test of price stickiness $
This paper investigates the predictions of a simple optimizing model of nominal price rigidity for the aggregate price level and the dynamics of inflation. I compare the model's predictions withExpand
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Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve
Purely forward-looking versions of the New Keynesian Phillips curve (NKPC) generate too little inflation persistence. Some authors add ad hoc backwardlooking terms to address this shortcoming. WeExpand
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The Macroeconomics of Trend Inflation
Most macroeconomic models for monetary policy analysis are approximated around a zero inflation steady state, but most central banks target an inflation rate of about 2 percent. Many economists haveExpand
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A Search for a Structural Phillips Curve
The foundation of the New Keynesian Phillips curve (NKPC) is a model of price setting with nominal rigidities that implies that the dynamics of inflation are well explained by the evolution of realExpand
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Do Expected Future Marginal Costs Drive Inflation Dynamics?
This article discusses a more general interpretation of the two-step minimum distance estimation procedure proposed in earlier work by Sbordone. The estimator is again applied to a version of the NewExpand
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Consumer Confidence and Economic Fluctuations
If consumers become pessimistic about the state of the economy, can there be a slowdown in output even if their pessimism is not based on economic fundamentals? Recent macroeconomic models show theExpand
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Globalization and Inflation Dynamics: The Impact of Increased Competition
This paper analyzes the potential effect of global market competition on inflation dynamics. It does so through the lens of the Calvo model of staggered price setting, which implies that inflationExpand
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The FRBNY DSGE Model
The goal of this paper is to present the dynamic stochastic general equilibrium (DSGE) model developed and used at the Federal Reserve Bank of New York. The paper describes how the model works, howExpand
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Trend Inflation and Inflation Persistence in the New Keynesian Phillips Curve
The New Keynesian Phillips curve (NKPC) asserts that inflation depends on expectations of real marginal costs, but empirical research has shown that purely forward-looking versions of the modelExpand
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Policy Analysis Using DSGE Models: An Introduction
Many central banks have come to rely on dynamic stochastic general equilibrium, or DSGE, models to inform their economic outlook and to help formulate their policy strategies. But while their use isExpand
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