Abstract :
Sector-levelPhillipscurvesareestimatedinFrenchdata.Thereisconsiderable
heterogeneityacrosssectors,withvastlydifferentestimatesofthebackwardlooking
componentofinflationandthedurationofnominalrigidities.Amulti-sectormodelof
inflationdynamicsiscalibratedonthebasisofthesesectoralestimates.Aggregate
inflation,simulatedonthebasisofheterogeneoussectors,displayscomparable
dynamicstoactualdata.Acomparisonisdrawnbetweenthepolicytrade-offsimplied
by aPhillipscurvebasedonmacroeconomicestimatesvs.onebasedonamodelwith
heterogeneoussectors.Thedifferenceissizeable
