in their unemployment rate and not a decline in labour force participation rate. Policymakers should take account of …

. Even if monetary policy is found to react only mildly to inflation pre-Volcker, the substantial degrees of bounded …

sluggish. Job creation and job destruction are negatively correlated. And the volatility of unemployment is much larger than in … the standard search and matching model. -- monetary persistence ; labor market ; hiring and firing costs …

milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …

effective in State 2. Exogenously differentiating regimes by the level of inflation or the shock size does not reveal state … data determine two inflation regimes and find that they are characterized by high and low inflation volatility. We then … exhibit a more substantial and more persistent effect on downstream prices during periods of elevated inflation volatility …

to be cut, workers stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …