As already demonstrated in Chapter 3, participation rates in many countries have been increasing rapidly in recent years, especially elderly women, as job availability rises; (though the rise has been more limited in the USA). It appears that they can be tempted back to work quite elastically in response to reasonable opportunities regarding openings and pay. Indeed, as Mojon and Ragot, (2019), show, if you strip out the elderly from the calculated relationship, then the adjusted Phillips curve tends to fit much better.
