This paper explores the interrelation between the degree of unemployment persistence and the unemployment … unemployment and making unemployment less persistent, the less effective will be the growth-promoting supply-side policies (such as … training schemes) in reducing unemployment. …

description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is … staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER … unemployment gaps are more efficient than rules responding to output or unemployment growth rates, also in the presence of …

nominal and real wage rigidity) and social preferences regarding inflation, employment, and real wages. We also calibrate our … those that affect the long-run unemployment rate. …

. Whereas our methodology is general, we focus on an extended macro-model with unobservable processes for the inflation target … inflation target dominates the variation in the 'level factor' whereas monetary policy shocks dominate the variation in the …

This paper introduces a new indicator of core inflation for New Zealand, estimated using a dynamic factor model and … core indicator with a wide range of other ‘core inflation’ measures estimated from disaggregate consumer prices, such as … the weighted median and the trimmed mean. The medium term inflation target of Reserve Bank of New Zealand is used as a …

which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

channel through which monetary policy lowers the volatility of inflation and, even more importantly, output. …