NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Reconsideration of the P-Bar Model of Gradual Price Adjustment

Bennett T. McCallum

NBER Working Paper No. 14163
Issued in July 2008

---- Acknowledgements -----

This paper was prepared for the Symposium "The Phillips Curve and the Natural Rate of Unemployment," Kiel Institute for the World Economy, June 3-4, 2007. I am indebted to Marvin Goodfriend and Edward Nelson for many helpful discussions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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