Instability of the Inflation–Output Trade‐Off and Time‐Varying Price Rigidity
研究1960-2013年五个发达国家的菲利普斯曲线时间不稳定性，发现平均通胀、曲线斜率及侵蚀价格刚性的阈值通胀均随时间变化，通胀环境是决定通胀-产出关系的关键因素。
This paper studies the time instability of the Phillips curve by paying particular attention to the inflation environment and price stickiness. We identify various inflation episodes and investigate the changing nature of the curve across these periods for five advanced countries over 1960–2013. We show that the mean inflation, the slope of the curve and the threshold mean inflation that erodes price rigidity are time varying. The inflation environment is a key determinant of the inflation–output relationship, rejecting the evidence of a flat curve and restoring the inflation–output trade‐off above certain inflation thresholds.