摘要：Standard GMM estimates of the New Phillips curve on euro-area data yield degrees
of nominal rigidity that are not in accordance with recent microeconomic
evidence. This paper studies whether similar conclusions are reached in a richer
model where price setters face firm-specific capital and/or firm-specific labor.
We find that combining these elements or considering firm-specific labor alone
leads to statistically significant and economically reasonable estimates of the
degree of nominal rigidity. In contrast, ignoring firm-specific labor yields
estimates that are not supported by microeconomic evidence.
