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: 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
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