Replication data for: Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation

Olivier Coibion & Yuriy Gorodnichenko
We evaluate explanations for the absence of disinflation during the Great Recession and find popular explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve. If firms' inflation expectations track those of households, then the missing disinflation can be explained by the rise in their inflation expectations between 2009 and 2011. We present new econometric and survey evidence consistent with firms having similar expectations as...
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