presence of a structural break at unknown date. Our approach allows the investigation of a broader range of persistence than … stress the importance of estimating the degree of persistence of seasonal shocks along with the degree of long …-run persistence on raw data without applying seasonal filters. Indeed hysteresis appears to be underestimated when data are initially …

inflation persistence and unemployment persistence may offer a possible explanation of high and prolonged European unemployment. …This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why … rationale for a prolonged inverse relation between inflation and unemployment. The paper suggests that the interaction of …

" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly …-price staggering models can generate both substantial inflation persistence and a nonzero inflation-unemployment tradeoff in the long … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this "persistency …

Bei Vorliegen nach unten starrer Nominallöhne erschwert niedrige Inflation Reallohnanpassungen und führt so … Auswirkungen bei sehr niedriger Inflation nicht zu vernachlässigen sind. Die Ergebnisse dieser Literatur sollten daher bei der … presence of downwardly rigid nominal wages, low inflation may lead to higher equilibrium unemployment by hindering real wage …

This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a … has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We … the US unemployment and inflation trajectories during the nineties. …

constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in …’ labour supply or bargaining power differ. Estimation of the curve for Spain indicates that the fall in unemployment since … 1995 would have led to an annual increase in inflation of 2.5 percentage points if it had not been largely offset by …

This paper analyzes the relationship between unemployment and wage inflation for 10 of the euro area countries. The … combination of low wage inflation and high unemployment in Europe is usually attributed to a rise in the natural rate of … unemployment that may account for a changing pattern in the unemployment inflation tradeoff. Moreover, it analyzes whether the …

on inflation; b) introducing growth generating mechanisms. …