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\multicolumn{6}{c}{Inflation lags} \\ \hline
 & (1) & (2) & (3) & (4) & (5) \\
VARIABLES & Core CPI inflation & Core CPI inflation & Core CPI inflation & Core CPI inflation & Core CPI inflation \\ \hline
 &  &  &  &  &  \\
Unemployment rate & -0.150*** & -0.162*** & -0.272*** & -0.379*** & -0.500*** \\
 & [0.016] & [0.019] & [0.036] & [0.052] & [0.103] \\
Core CPI inflation &  &  &  &  &  \\
 &  &  &  &  &  \\
First lag & 0.362*** & 0.371*** & 0.122*** & 0.105*** & 0.079** \\
 & [0.035] & [0.036] & [0.035] & [0.034] & [0.033] \\
1 year ahead inflation expectations & 0.598*** & 0.589*** & 0.259* & 0.225 & 0.216 \\
 & [0.058] & [0.059] & [0.147] & [0.141] & [0.139] \\
 &  &  &  &  &  \\
Observations & 1,525 & 1,525 & 1,525 & 1,525 & 1,525 \\
R-squared & 0.321 & 0.350 & 0.450 & 0.487 & 0.483 \\
Metro area FE & No & Yes & No & Yes & Yes \\
Year FE & No & No & Yes & Yes & Yes \\
 Seasonal dummies & Yes & Yes & Yes & Yes & Yes \\ \hline
\multicolumn{6}{c}{ Robust standard errors in brackets} \\
\multicolumn{6}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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