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RDP 2008-05: Understanding the Flattening Phillips Curve
Equation (3-a)
λ
=
(
1
−
ω
)
(
1
−
θ
)
(
1
−
β
θ
)
ϕ
−
1
γ
f
=
β
θ
ϕ
−
1
γ
b
=
ω
ϕ
−
1
,
where
ϕ
=
θ
+
ω
[
1
−
θ
(
1
−
β
)
]
.
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