the relationship between inflation and unemployment that sheds light on these developments. The theoretical section … inflation behavior, in that inflation depends more closely on the capacity utilization rate than on the unemployment rate, The … unemployment does not put downward pressure on the inflation rate. During the 19705 and 19805 in Germany there emerged a growing …

flexibility of labor markets, they are likely to improve the short-run inflation-unemployment tradeoff, providing an incentive for … response to good news on inflation can be used to strike a political deal with interests opposed to the introduction or … nations by 1995 enjoyed a relative acceleration of nominal GDP and an even greater deceleration of inflation, so that their …

This paper estimates the NAIRU (standing for the Non-Accelerating Inflation Rate of Unemployment) as a parameter that … varies over time. The NAIRU is the unemployment rate that is consistent with a constant rate of inflation. Its value is … determined in an econometric model in which the inflation rate depends on its own past values ( inertia ), demand shocks proxied …

estimate of the constant-inflation NAIRU, even if productivity growth experiences a rebound and the labor force participation …

for low inflation in both decades. The uncanny parallel of the stock market boom, bubble, and collapse in 1995-2001 as in …