"The conventional wisdom that inflation and unemployment are unrelated in the long-run implies that these phenomena can … be analysed by separate branches of economics. The macro literature tries to explain inflation dynamics and estimates the … long-run and that it cannot generate substantial inflation persistence relies on the implausible assumption of a zero …

inequality and employment. To this end, we use annual data for the US, UK and Sweden over the past forty years and estimate … contributions of the labour share to the trajectories of inequality and employment during specific time intervals in the post-1990 … years. We find that during the nineties the cost of a one percent increase in employment was in the range of 0 …

" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this "persistency … equilibrium setting (in which real variables not only affect inflation, but are also influenced by it), standard wage …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

-run inflation-unemployment tradeoff. …

inflation and unemployment. We focus on the G7 economies plus Spain, and use monthly data –high-frequency data in a macro …

. The cointegration analysis vindicates the existence of a long-run relationship between these two variables. This finding …