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Simone Lenzu

Associate Professor in Economics and Policy · Cambridge Judge Business School

Associate Professor in Economics and Policy at Cambridge Judge Business School, with an affiliation to the University of Cambridge Department of Economics. Works on firm-level decisions, market frictions, monetary policy and growth.

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Published American Economic Review Online 1 Nov 2025 Published Nov 2025

Anatomy of the Phillips Curve: Micro Evidence and Macro Implications

Luca Gagliardone · Mark Gertler · Simone Lenzu · Joris Tielens

This paper addresses a fundamental puzzle in macroeconomics: why do estimates of the New Keynesian Phillips curve (NKPC) slope differ sharply depending on whether real marginal cost or the output gap …

Monetary Policy Macroeconomics Firm Dynamics Free Read ↗