This study examines the impact of productivity growth on the relationship between inflation and unemployment in Canada …

In this paper we first present supporting evidence of the existence of heterogeneity in inflation dynamics across euro … there is significant inertial (backward looking) behavior in inflation in four of them, while inflation in Germany has a … emphasizing the heterogeneity in inflation persistence across regions. Allowing for such a backward looking component will affect …

We explore a hypothesis about the take-off in inflation that occurred in the early 1970s. According to the expectations … trap hypothesis, the Fed was pushed into producing the high inflation out of a fear of violating the public's inflation … expectations. We compare this hypothesis with the Phillips curve hypothesis, according to which the Fed produced the high inflation …

Is the observed correlation between current and lagged inflation a function of backward-looking inflation expectations …, or do the lags in inflation regressions merely proxy for rational forward-looking expectations, as in the new … "hybrid" specifications for inflation that allow for effects of lagged and future inflation. We show that these tests of …

Keynesian model does not fit the U.S. data well; in particular, the model requires additional lags of inflation not implied by … uses a simple univariate rule for forecasting inflation. …

Woodford (2001) has presented evidence that the new-Keynesian Phillips curve fits the empirical behavior of inflation … very poor model of price inflation. We conclude that there is little reason to view the labor income share as a good …