NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Optimal Inflation and the Identification of the Phillips Curve

Michael McLeay, Silvana Tenreyro

NBER Working Paper No. 25892
Issued in May 2019

---- Acknowledgments ----

This paper was motivated by a conversation with Ben Broadbent and Jan Vlieghe. This working paper is a slightly updated version of the paper prepared for the 34th NBER Annual Conference on Macroeconomics. We would like to thank conference participants, as well as Francesco Caselli, Martin Eichenbaum, Benjamin Friedman, Mark Gertler, Marc Giannoni, Andy Haldane, Richard Harrison, Michael Klein, Per Krussell, Clare Macallan, Frederic Mishkin, Jonathan Parker, Valerie Ramey, Chris Redl, Ricardo Reis, Matthew Rognlie, Martin Seneca, Jan Vlieghe, Matt Waldron and Iván Werning for helpful discussions, comments and suggestions and Oliver Ashtari Tafti for superb research assistance. Tenreyro acknowledges financial support from ERC grant MACROTRADE 681664. The views expressed herein are those of the authors and do not necessarily reflect the views of the Bank of England or the National Bureau of Economic Research.

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