Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2005
expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be …This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …