unemployment-inflation tradeoff might indicate not something to be exploited but instead only policy-makers' correctly …

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 …

channel through which monetary policy lowers the volatility of inflation and, even more importantly, output. …

concentrated in the second year after the shock. (2) Inflation responses are more varied. The median CPI inflation response peaks … consumer price inflation. Evidence of sustained inflation (as in the case of Germany) therefore must reflect a favorable … cumulative inflation and real growth responses, some countries such as Italy, France and Japan have fared well when faced with …

heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …

the absence of entry. Specifically, a long-run positive (negative) rate of inflation is optimal when the benefit of … by the desired markup. Plausible preference specifications and parameter values justify a long-run inflation rate of two …