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A New Keynesian Phillips Curve With Staggered Contracts and Indexation

Musy, Olivier (2020): A New Keynesian Phillips Curve With Staggered Contracts and Indexation.

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Abstract

We develop a New Keynesian Phillips curve based on a combination of staggered price contracts and indexation to past inflation. This Phillips curve links current inflation dynamics to past inflation with a positive weight, as well as current and lagged expectations of inflation and output, giving a possible alternative explanation for recent empirical findings on the role of expectations in the determination of inflation.

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