cycle volatility and matching the lack of a long-run relationship between vacancy creation and inflation. With regard to …

and Japan than in the United States. Employment contributes the largest proportion of the cycle in Europe and the United … States (but not Japan), which is inconsistent with the idea that higher levels of employment protection in Europe dampen …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …