Is There a Stable Relationship between Unemployment and Future Inflation?
利用1977至2017年美国城市和州级数据，研究发现菲利普斯曲线的简化式和结构参数在相当程度上是稳定的，为宏观政策制定者评估通胀与失业关系提供了实证依据。
Evaluating the stability of the Phillips curve using aggregate data is challenging due to the bias that endogenous monetary policy imparts on estimated Phillips curve coefficients. We argue that regional data can be used to identify the structural relationship between unemployment and inflation. Our analysis, using city- and state-level data from 1977 to 2017, is consistent with the notion that both the reduced-form and the structural parameters of the Phillips curve are, to a substantial degree, quite stable.