(PDF)” paper presented at the Brookings Panel on Economic Activity, held at the Brookings Institution, Washington, March 20–21; and Robert J. Gordon (2013), “The Phillips Curve Is Alive and Well: Inflation and the NAIRU during the Slow Recovery”, NBER Working Paper Series 19390 (Cambridge, Mass. : National Bureau of Economic Research, August).
For research highlighting potential alternative interpretations, see Michael T. Kiley (2014), “An Evaluation of the Inflationary Pressure Associated with Short- and Long-Term Unemployment (PDF)”, Finance and Economics Discussion Series 2014–28 (Washington: Board of Governors of the Federal Reserve System, March); and Christopher Smith (2014), “The Effect of Labor Slack on Wages: Evidence from State-Level Relationships”, FEDS Notes (Washington: Board of Governors of the Federal Reserve System, June 2).