Increasing evidence shows that in the aftermath of the global financial crisis, in the euro area, the relationship between price inflation and economic slack became stronger. Instead, there is no clear evidence of a strong(er) relationship between wage inflation and unemployment. In this paper, we estimate a Phillips curve with time-varying coefficients separately for Italy, Spain, Germany and France and we find that, with the exception of Germany, after the global financial crisis, the sensitivity of hourly wage changes to labour market slack increased. Second, by the use of administrative microdata, available only for Italy, we relate daily wage changes to the local unemployment rate. The results confirm the steepening of the Phillips curve after 2008, also when controlling for composition effects.

中文翻译：

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欧元区的工资菲利普斯曲线是否发生了变化？

越来越多的证据表明，在全球金融危机之后，在欧元区，物价上涨与经济疲软之间的关系变得更加牢固。取而代之的是，没有明显的证据表明工资通胀与失业之间存在更紧密的关系。在本文中，我们分别估算了意大利，西班牙，德国和法国的时变系数菲利普斯曲线，并且发现，除德国外，在全球金融危机之后，小时工资变动对劳动力市场疲软的敏感性增加。其次，通过使用仅适用于意大利的行政管理微数据，我们将每日工资变化与当地失业率联系起来。该结果证实了2008年之后菲利普斯曲线的陡峭性，而且在控制成分效果时也是如此。