Deep Habits in the New Keynesian Phillips Curve
研究将深度习惯（对单个消费品而非总消费的习惯）引入新凯恩斯菲利普斯曲线，发现该模型比标准模型拟合更好、指数化程度更低，对研究通胀和货币政策的学者有参考价值。
We derive and estimate a New Keynesian Phillips Curve (NKPC) in a model with deep habits. Habits are deep in that they apply to individual consumption goods instead of aggregate consumption. This alters the NKPC in a fundamental manner since it introduces consumption growth and future demand terms into the NKPC equation. We construct the driving process in the deep habits NKPC by using the model's optimality conditions to impute time series for unobservable variables. The resulting series is considerably more volatile than unit labor cost. Generalized methods of moments estimation shows an improved fit and a much lower degree of indexation compared to the standard NKPC.