, openness to trade, and changes in employment protection--using a panel of 18 industrial countries over 1960-2000. Since most …

should be broadened to include more explicitly the objective of raising employment rates to foster potential growth. The … market adjustment, and illustrates the benefits of a two-pronged strategy. The paper also examines employment effects of …

sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether …

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …

This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve … based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor …-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including …

are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and … energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and …

against economic history and each other by a simulated out-of-sample forecasting exercise for Finnish CPI inflation. Only two … naïve prediction of no change in inflation-but do not improve upon a simple autoregressive forecast. The pronounced …

from 98 countries, we find strong evidence for cointegration between nominal exchange rates and monetary fundamentals. We …