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Our approach lets us estimate both the number and timing of breaks and to determine the existence of clusters of industries, cities, or countries whose Phillips curves display similar patterns. We find evidence of a flattening for US sectoral data and among EU countries, particularly poorer ones. Evidence of flattening is weaker for MSA\u2010level data and the wage Phillips curve. We find evidence of a kink in the Phillips curve, which remains relatively steep when the economy is running hot.<\/jats:p>","DOI":"10.1002\/jae.3102","type":"journal-article","created":{"date-parts":[[2024,11,30]],"date-time":"2024-11-30T09:38:55Z","timestamp":1732959535000},"page":"131-148","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":16,"title":["Breaks in the Phillips Curve: Evidence From Panel Data"],"prefix":"10.1002","volume":"40","author":[{"given":"Simon C.","family":"Smith","sequence":"first","affiliation":[{"name":"Federal Reserve Board  Washington, D.C. 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