; ; ; "ActiveFedora::Aggregation::ListSource" . ; . a , ; "Is There a Stable Relationship between Unemployment and Future Inflation? Evidence from U.S. Cities"; ; "batchuser@example.com"; "Nicolini, Juan Pablo", "Fitzgerald, Terry J."; "Federal Reserve Bank of Minneapolis"; "Stability of the Phillips curve", "Endogenous monetary policy"; "E52 - Monetary Policy", "E58 - Central Banks and Their Policies"; "This paper makes two straightforward points that we argue are central to understanding the literature and debate surrounding the stability of the Phillips curve. First, the endogeneity of monetary policy implies that aggregate data are largely uninformative as to the existence of a stable relationship between unemployment and future inflation. Second, if the NAIRU model is assumed to be true, regional data can be used to identify the structural relationship between unemployment and future inflation. We find that a 1 percentage point increase in the unemployment rate is associated with a roughly 0.3 percentage point decline in inflation over the next year. "^^; "2014-05-30"; "2019-05-20T18:34:59.622542192+00:00"^^; "https://doi.org/10.21034/wp.713"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Oct 23 17:46:08 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "244", "562"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "713"; "Endogenous monetary policy", "Stability of the Phillips curve"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "[Additional files](https://researchdatabase.minneapolisfed.org/downloads/vm40xr61f)"^^; ; "Publication" . ; ; .