of unemployment is affected by the inflation rate. Looking at four countries, France, Germany, the Netherlands and … inflation. The particular shape of the empirical relationship supports the view that a moderate level of inflation provides some … of between 0.5% and 1%, and to decline quickly for higher rates of inflation. For the range of inflation rates observed …

inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …

of trade of securities, central banks may choose to commit to costly inflation in favourable states of nature. In …