employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

In a New Keynesian DSGE model with labor market frictions and liquidity-constrained consumers aggregate unemployment is … reacts very differently from the group of liquidity-constrained consumers implying that the unemployment rate is likely to …'s parameters, we find that the size of the fiscal (unemployment) multiplier increases with i) highly sticky prices, ii) high …

This paper studies the importance of money for inflation in the euro area. An inflation equation is derived from a … small model that combines the supply and demand for money with a Phillips curve and the assumption that inflation … expectations develop adaptively. The model's solution attributes an impact on inflation not to actual money growth but to its core …

inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more … inflation targeting cum exchange rate stabilization and a price-level targeting are more suitable rules in minimizing …

wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …

and disadvantages of the various output gap measures. First, I examine the usefulness of the output gap for inflation …

significantly to the determination of inflation and of the dynamics of output. We estimate our model using a maximum likelihood … Geldmenge einen signifikanten Beitrag zur Erklärung der Inflation und der Dynamik des Bruttoinlandsprodukts leistet. Das Model …