The slope of the Phillips curve in the United States and the euro zone since 1995

We estimate the slope of the Phi l lips curve in the United States and the euro zone since 1995 in two ways: Either by bringing the core inflation rate into line with the unemployment rate; Or by estimating the relationship between wages, inflation and unemployment rate and the relationship between core inflation and wages. We find: In the United States, that the effect of the unemployment rate on core inflation has remained stable over time; In the euro zone, that the elasticity of the effect of the unemployment rate on core inflation was much higher in the period 2019-2023 than in the previous period, 1995-2018. The fall in the unemployment rate has therefore had a strong upward effect on inflation in the euro zone in the recent period.