New Keynesian Phillips Curve
E916117
The New Keynesian Phillips Curve is a macroeconomic relationship that links inflation dynamics to expected future inflation and real economic activity, derived from models with nominal rigidities and forward-looking behavior.
All labels observed (3)
| Label | Occurrences |
|---|---|
| New Keynesian Phillips curve | 3 |
| New Keynesian Phillips Curve canonical | 1 |
| New Keynesian Phillips Curve is broadly consistent with euro area data | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T11270062 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: New Keynesian Phillips Curve Context triple: [The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area, mainConcept, New Keynesian Phillips Curve]
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A.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
"The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area" is an influential empirical economics paper by Jordi Galí that tests and supports New Keynesian inflation dynamics using euro area data.
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B.
Phillips curve framework
The Phillips curve framework is a macroeconomic concept that posits an inverse relationship between inflation and unemployment, shaping policymakers’ understanding of inflation dynamics and trade-offs in the postwar era.
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C.
New Neoclassical Synthesis
The New Neoclassical Synthesis is a macroeconomic framework that blends key elements of New Keynesian and New Classical theories, using microfounded models with rational expectations and nominal rigidities to analyze monetary and fiscal policy.
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D.
New Keynesian economics
New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
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E.
Keynesian business cycle theories
Keynesian business cycle theories explain economic fluctuations primarily through changes in aggregate demand, emphasizing the roles of price and wage rigidities, government policy, and market imperfections in causing and mitigating recessions and booms.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: New Keynesian Phillips Curve Target entity description: The New Keynesian Phillips Curve is a macroeconomic relationship that links inflation dynamics to expected future inflation and real economic activity, derived from models with nominal rigidities and forward-looking behavior.
-
A.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
"The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area" is an influential empirical economics paper by Jordi Galí that tests and supports New Keynesian inflation dynamics using euro area data.
-
B.
Phillips curve framework
The Phillips curve framework is a macroeconomic concept that posits an inverse relationship between inflation and unemployment, shaping policymakers’ understanding of inflation dynamics and trade-offs in the postwar era.
-
C.
New Neoclassical Synthesis
The New Neoclassical Synthesis is a macroeconomic framework that blends key elements of New Keynesian and New Classical theories, using microfounded models with rational expectations and nominal rigidities to analyze monetary and fiscal policy.
-
D.
New Keynesian economics
New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
-
E.
Keynesian business cycle theories
Keynesian business cycle theories explain economic fluctuations primarily through changes in aggregate demand, emphasizing the roles of price and wage rigidities, government policy, and market imperfections in causing and mitigating recessions and booms.
- F. None of above. chosen
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
Phillips curve specification
ⓘ
inflation dynamics model ⓘ macroeconomic relationship ⓘ |
| associatedWith |
Guillermo Calvo
NERFINISHED
ⓘ
Jordi Galí NERFINISHED ⓘ Mark Gertler NERFINISHED ⓘ Michael Woodford NERFINISHED ⓘ |
| basedOn | New Keynesian economics NERFINISHED ⓘ |
| contrastsWith |
accelerationist Phillips curve
NERFINISHED
ⓘ
expectations-augmented Phillips curve ⓘ traditional backward-looking Phillips curve NERFINISHED ⓘ |
| coreEquation | current inflation depends on expected future inflation and real marginal cost ⓘ |
| derivedFrom |
Calvo pricing model
NERFINISHED
ⓘ
intertemporal optimization by firms ⓘ models with nominal price rigidities ⓘ |
| describes |
inflation dynamics
ⓘ
relationship between inflation and real economic activity ⓘ |
| empiricalIssue |
difficulty in measuring real marginal cost
ⓘ
slope of the Phillips curve is often estimated to be small ⓘ |
| field |
macroeconomics
ⓘ
monetary economics ⓘ |
| hasCharacteristic |
forward-looking expectations
ⓘ
microfoundations ⓘ nominal rigidities ⓘ rational expectations ⓘ staggered price setting ⓘ time-dependent price setting ⓘ |
| hasVariant |
backward- and forward-looking New Keynesian Phillips Curve
ⓘ
hybrid New Keynesian Phillips Curve ⓘ |
| implies |
inflation persistence can arise from structural frictions
ⓘ
monetary policy affects inflation via expectations ⓘ |
| parameter |
degree of price rigidity
ⓘ
elasticity of substitution between differentiated goods ⓘ share of firms that cannot reset prices each period ⓘ β (subjective discount factor) ⓘ κ (slope of the Phillips curve) ⓘ |
| relatesTo |
current inflation
ⓘ
expected future inflation ⓘ monetary policy transmission ⓘ output gap ⓘ real marginal cost ⓘ |
| timePeriod | developed in late 20th century ⓘ |
| typicalForm | π_t = β E_t[π_{t+1}] + κ x_t + u_t ⓘ |
| usedIn |
New Keynesian DSGE models
NERFINISHED
ⓘ
central bank macroeconomic models ⓘ dynamic stochastic general equilibrium models ⓘ monetary policy analysis ⓘ |
| usesConcept |
output gap as proxy for marginal cost
ⓘ
real marginal cost as driving variable ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: New Keynesian Phillips Curve Description of subject: The New Keynesian Phillips Curve is a macroeconomic relationship that links inflation dynamics to expected future inflation and real economic activity, derived from models with nominal rigidities and forward-looking behavior.
Referenced by (5)
Full triples — surface form annotated when it differs from this entity's canonical label.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
→
mainConcept
→
New Keynesian Phillips Curve
ⓘ
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
→
conclusion
→
New Keynesian Phillips Curve
ⓘ
this entity surface form:
New Keynesian Phillips Curve is broadly consistent with euro area data
this entity surface form:
New Keynesian Phillips curve
Interest and Prices: Foundations of a Theory of Monetary Policy
→
subject
→
New Keynesian Phillips Curve
ⓘ
this entity surface form:
New Keynesian Phillips curve
Interest and Prices: Foundations of a Theory of Monetary Policy
→
theoreticalBasis
→
New Keynesian Phillips Curve
ⓘ
this entity surface form:
New Keynesian Phillips curve