крайне интересная работа с вот такими вот выводами:
The dynamics of inflation for both the US and Japan may be summarized as follows:
1. Inflation is not well-modeled by an old-style accelerationist Phillips curve, or by a forward-looking, rational expectations New-Keynesian Phillips curve.
2. Inflation may be sensibly modeled as depending on the one-year (survey) expectation of inflation with a weight of between 2/3 and 3/4, and lagged inflation with a weight of between 1/3 and 1/4.
3. Inflation also depends on marginal cost.
4. The one-year expectation responds sluggishly to current and lagged realized inflation rates, and to current and lagged output gaps.
дальше лучше следовать
правда же не стоит объяснять, что это значит, если это ближе к истине, чем олдскул?