Estimated versions of such a Phillips Curve typically also take some supply shocks into account. Supply shocks refer to exogenous changes in sectoral prices (or wages) which may affect the overall price (or wage) level and, at least temporarily, the overall inflation rate.
Again, I am pleased to be here at the launch of this important strategy. Congratulations to those who have worked so hard to put it together. Thank you. 2/2  BIS central bankers' speeches