ECB paper models Philips curve from professional forecasts
Working paper finds the curve has flattened since the financial crisis
The new Keynesian Phillips curve consistent with the Survey of Professional Forecasters (SPF) in the eurozone has flattened since the financial crisis, according to a research paper published by the European Central Bank (ECB) today.
The working paper, Do professional forecasters behave as if they believed in the new Keynesian Phillips curve for the euro area? By Víctor López-Pérez, finds unemployment has become less important in explaining forecasts by SPF participants since 2007.
Their
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