@TechReport{iza:izadps:dp635,
            	author={Snower, Dennis J. and Karanassou, Marika},
            	title={An Anatomy of the Phillips Curve},
            	year={2002},
	month={Nov},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={635},
            	url={https://www.iza.org/publications/dp635},
	abstract={The paper examines how the long-run inflation-unemployment tradeoff depends on the
degree to which wage-price decisions are backward- versus forward-looking. When
economic agents, facing time-contingent, staggered nominal contracts, have a positive rate
of time preference, the current wage and price levels depend more heavily on past variables
(e.g. past wages and prices) than on future variables. Consequently, the long-run Phillips
curve becomes downward-sloping and, indeed, quit flat for plausible parameter values. This
paper provides an intuitive account of how this long-run Phillips curve arises.},
	keywords={Inflation-unemployment tradeoff;wage-price staggering;monetary policy;forward- and backward-looking wage-price behavior;traditional and New Phillips curve},
            }