摘要：It is often argued that the New Keynesian Phillips curve is at odds with the
data because it cannot explain inflation persistence — the difficulty of
returning inflation immediately to target after a shock without any loss of
output. This paper explains how a model where newer prices are stickier than
older prices is consistent with this phenomenon, even though it introduces no
deviation from optimizing, forwards-looking price setting. The probability of
adjusting new and old prices is estimated using a novel method that draws only
on macroeconomic data, and the findings strongly support the premise of the
model
关键词：inflation persistence, hazard function, time-dependent pricing, New Keynesian
Phillips curve
