Published American Economic Review Online 1 Nov 2025 Published Nov 2025Anatomy of the Phillips Curve: Micro Evidence and Macro ImplicationsLuca Gagliardone · Mark Gertler · Simone Lenzu · Joris TielensThis 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 …