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_ I _ _ I I accelerationist Phillips curve adaptive inﬂation expectations autocorrelated Blanchard and Katz Blanchﬁower and Oswald Blanchﬁower and Oswald’s Chunsheng Zhou constant markup assumption constant price markup countercyclical curve has focused cyclical deﬁned Divisions of Research Economics Discussion Series expected real wage Federal Reserve Board Finance and Economics ﬁrms I I _ I I I I I I I I I I I IIIII implications for macroeconomic Karl Whelan labor productivity Macroeconomic Implications macroeconomic Phillips curve macroeconomic time series Marginal Cost markup over unit markup pricing micro-level dynamics micro-level real wage Models NAIRU non-farm business output number of authors Olivier Blanchard Oswald’s estimates output gap price level procyclical productivity growth real wage autoregression real wage dynamics recent debate reﬂect September 1997 signiﬁcant speciﬁcation standard derivation Statistics and Monetary trend productivity unit labor costs wage and price wage equation wage regressions wijt