Bank of Italy paper looks at flatter Phillips curve

The Bank of Italy

The Phillips curve has become flatter, largely because workers’ collective bargaining ability has weakened, a working paper published by the Bank of Italy finds.

In Bargaining power and the Phillips curve: a micro-macro analysis, Marco Lombardi, Marianna Riggi and Eliana Viviano look at three macroeoncomic trends that have been prominent since the 1980s.

The first is “the decrease in workers’ bargaining power”. The second is “the increase in the contribution of the number of workers (extensive

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