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 …

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. …

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. …

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

chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation-unemployment …

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

contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and latter seek to reduce it. The greater the inflation rate …, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant …

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 …