money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal … monetary growth rate decreases with the workers’ bargaining power, the level of unemployment benefits and the payroll tax rate. …

not efficient. Inflation is detrimental to unemployment. …This paper builds a macroeconomic model of equilibrium unemployment in which firms persistently face difficulties in …, equilibrium unemployment is a U-shaped function of the ratio of total demand to total supply on this market. When prices are at …

distribution. The conventional method of analysis is regression of summary inequality indices on variables such as the unemployment … and inflation rates. Building on the lessons from recent advances in time-series econometrics, we suggest instead that one …

-run inflation-unemployment tradeoff. …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

An empirical analysis of the impact of labour market structures on the response of inflation to macroeconomic shocks is … presented. Results based on a 20 country panel show that if labour market coordination is high, the effect on inflation of … movements in unemployment, import prices, tax rates and productivity is dampened, both on impact and dynamically. In contrast …

inflation observed in the European catching-up countries, which suggests that other factors may be at play. In these and related … non-traded sectors) on the dual inflation differential is more than twice as large as that in the "flexible" countries. We … conclude that, in a catching-up country, premature euro adoption may foster excess inflation, beyond that which is to be …