For a long while after the explosion of macroeconomics in the 1970s, the field looked like a
battlefield. Over time, however, mainly because facts do not go away, a largely shared vision …

We estimate the slope of the Phillips curve in the cross section of US states using newly
constructed state-level price indices for nontradeable goods back to 1978. Our estimates …

In recent years, a broad academic consensus has arisen that favors using rational
expectations sticky‐price models to capture inflation dynamics. We review the principal …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

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 …

While macroeconomics is often thought of as a deeply divided field, with less of a shared
core and correspondingly less cumulative progress than other areas of economics, in fact …

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook
available today. This revised second edition emphasizes the general equilibrium character …

Making inferences about aggregate business cycles from regional variation alone is difficult
because of economic channels and shocks that differ between regional and aggregate …

Inflation dynamics have been difficult to explain over the last decade. This paper explores if
a more comprehensive treatment of globalization can help. CPI inflation has become more …

ABSTRACT The Phillips Curve (hereafter PC) is widely viewed as dead, destined to the
mortuary scrapyard of discarded economic ideas. The coroner's evidence consists of the …