In a typical NKPC:

$Inflation_t = \alpha_1 Inflation_{t-1} + (1-\alpha_1) \mathbb{E}_tInflation_{t+1} + \alpha_2 RealMarginalCost + \epsilon_t$

From a micro-foundations perspective, does the parameter $\alpha_2$ (the slope of the NKPC) depends on the elasticity of demand since it is a markup over the marginal cost?


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