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 …

reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …

In this paper we introduce and test the hypothesis that the relation between inflation and unemployment has been in …- lation between inflation and unemployment can be shown to exist. We restrict our study to the four largest countries of the … 1975 and 1980 after the first (or the second) oil price shock in autumn 1973. During the disin°ation period, inflation and …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …

search and matching frictions and incorporate a US unemployment insurance experience rating system. Layoff taxes based on … experience rating finance the cost of unemployment benefits and create considerable employment adjustment costs. Our framework … reproduces the negative correlation between vacancies and unemployment, i.e., the Beveridge curve. Simulations show that the …

the central bank is to stabilize inflation. On the other hand, if the shift arises from an increase in the elasticity of … employment matches with respect to vacancies, then the policy maker faces a trade off between stabilizing inflation and … unemployment. The optimal policy response to the efficient labor market shock changes when real wages are sticky but remains …