We review the main identification strategies and empirical evidence on the role of
expectations in the New Keynesian Phillips curve, paying particular attention to the issue of …

Many recent chapters have investigated whether data from internet search engines such as
Google can help improve nowcasts or short-term forecasts of macroeconomic variables …

We perform a robust estimation of the Phillips curve in the euro area using a battery of 630
theory-driven models. We extend the existing literature by adding model specifications …

This article introduces a novel dynamic framework to Bayesian model averaging for time-
varying parameter quantile regressions. By employing sequential Markov chain Monte …

Many countries have implemented inflation targeting in recent decades. At the same time,
the international conditions have been favorable, so it is hard to assess to what extent the …

We propose an estimation method of the new Keynesian Phillips curve (NKPC) based on a
univariate noncausal autoregressive model for the inflation rate. By construction, our …

This paper explores the ability of the Phillips curve to forecast inflation over the course of the
recent Great Recession. We use quarterly data for the USA and Canada for the period …

This paper finds that participants in the European Central Bank's Survey of Professional
Forecasters have submitted forecasts that are consistent with a (mostly forward-looking) …

This paper proposes a hierarchical modeling approach to perform stochastic model
specification in Markov switching vector error correction models. We assume that a common …

This paper introduces new weighting schemes for model averaging when one is interested
in combining discrete forecasts from competing Markov-switching models. In the empirical …