low-inflation anchor. The paper finds evidence of such a credibility effect: during `the EMS period' (flexibly dated …) German inflation enters into autoregressive inflation predictor schemes for each of the main EMS countries (Belgium, France …

competition to influence domestic inflation. By comparing the unrestricted and restricted specifications, we provide evidence that … foreign competition plays an important role in accounting for the behavior of inflation in the traded goods sector. Our … inflation in the 1990s. Our results also provide evidence against demand curves with a constant elasticity in the context of …

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 …

We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward looking … measures of marginal cost as the relevant determinant of inflation, as the theory suggests, instead of an ad-hoc output gap …. Real marginal costs are a significant and quantitatively important determinant of inflation. Backward looking price setting …

Switzerland where nominal GDP growth has been very low for many years in the 1990s. We find that the rigidity of nominal wages is … obstacle to real wage adjustments. In the absence of downward nominal rigidity, real wages would indeed be quite responsive to … downward rigidity of nominal wages indeed contributes to unemployment. …

whether faster productivity growth reduces inflation, raises nominal wage growth, or raises profits. We find that an … acceleration or deceleration of the productivity growth trend alters the inflation rate by at least one-for-one in the opposite …

nominal and real wage rigidity) and social preferences regarding inflation, employment, and real wages. We also calibrate our …

This Paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in …, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation …

oppoortunities. Estimation of wages using panel data for a sample of legalized men and a comparison sample of legal workers provides …

In this Paper, I present direct micro-econometric evidence of the relation between individual wages of French workers …’ wages not only comes from movements in the quasi-rent induced by competitive pressures but also from alterations of workers … my results, I find a bargaining power below 0.20. I also show that workers’ wages deteriorate through competitive …