HAS THE PHILLIPS CURVE FLATTENED?

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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 variable (IV) 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 IV estimates in ad-hoc sub-samples. 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.
Reference Key
persistent_1761420451_68fd24a3f3e6f Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Yiru Wang
Journal ADVANCES IN ARCHAEOLOGICAL PRACTICE
Year Year not found
DOI
10.1017/S0266466625100169
URL
https://www.cambridge.org/core/journals/econometric-theory/article/has-the-phillips-curve-flattened/FC945B0DE2BA237F01133D804F03ADF9
Keywords Keywords not found

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