BoE research finds support for Phillips curve in micro data
Use of new instruments helps establish empirical support, authors say
A group of economists are seeking to overcome empirical challenges in building support for the Phillips curve using new data and instrumental variables. They published their results in a Bank of England discussion paper on August 11.
Lena Boneva, James Cloyne, Martin Weale and Tomasz Wieladek note earlier studies have struggled to establish a causal link between expectations and price-setting due to their use of weak instruments.
In Firms' expectations and price-setting: evidence from micro data
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