NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Is The Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation

Olivier Coibion, Yuriy Gorodnichenko

NBER Working Paper No. 19598
Issued in October 2013

---- Acknowledgements -----

We thank Larry Ball, Mark Gertler, John Leahy, Andy Levin, Troy Matheson, Lars Svensson, seminar participants at Southern Methodist University, participants at the NBER Conference on Lessons from the Financial Crisis, and our discussant Virgiliu Midrigan for very helpful comments, Graham Howard for assistance with data from the Reserve Bank of New Zealand, and Saten Kumar for survey data on firms' inflation forecasts. This paper was written in part while Coibion was a visiting scholar at the IMF, whose support was greatly appreciated. The views expressed in the paper are those of the authors and should not be interpreted as representing those of any institutions with which they are or have been affiliated. Gorodnichenko thanks NSF and Sloan Foundation for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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