A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2018; you can also visit the original URL.
The file type is
To determine whether the sensitivity of inflation to changes in the business cycle varies over time, hybrid new Keynesian Phillips curves are formulated in state space form and estimated via the Kalman filter. Analyses cover the Euro Area aggregate and eleven Euro Area countries. Results confirm the increasingly important role of inflation expectations. While the Phillips curve flattens until 2007, slope coefficients increase considerably with the financial crisis in 2007/08 on the basis ofdoi:10.11114/aef.v4i3.2296 fatcat:zkiww7foencubj2yvkvhyd6klm