the unemployment, this paper tries to answer the following question: Is a nominal permanent disinflation compatible with … short-run unemployment costs but also with long-run output benefits? The answer to this question crucially depends on the …

in explaining the variability of unemployment and vacancies. If we incorporate long-term wage contracts into the model …

-specific labour imply a sufficient degree of real rigidity, and so can reproduce inflation dynamics well. However, they imply too … little real rigidity and, so, too volatile inflation, owing to strong responses of marginal wages and hours per employee … the responses of wages, inflation and employment. …

We test the Barro-Gordon model extended to allow for persistence in unemployment. First, we build an index of central … bank independence and measures of persistence, and then we compare them with inflation performance in OECD countries. Our … of inflation. …

This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964-1995. We analyze the … implications both of full hysteresis in unemployment and high inflation persistence for inference regarding dynamic Phillips trade …