The Imperfect-Common-Knowledge Phillips Curve: Calvo versus Rotemberg

Posted: 22 Jan 2017

Date Written: 2017

Abstract

I derive the imperfect-common-knowledge Phillips curve under the assumption of Rotemberg pricing. The curve differs from the Calvo version in one important aspect. Expectations of future relative prices impact in ation.

Keywords: Phillips Curve, Rotemberg, Imperfect Knowledge

JEL Classification: D83, E31

Suggested Citation

Šauer, Radek, The Imperfect-Common-Knowledge Phillips Curve: Calvo versus Rotemberg (2017). Bundesbank Discussion Paper No. 50/2016, Available at SSRN: https://ssrn.com/abstract=2903422 or http://dx.doi.org/10.2139/ssrn.2903422

Radek Šauer (Contact Author)

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431
Germany

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