chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation …

variables (typically the output gap) and solving the model for inflation in terms of the observables. In practice, the equation … not be appropriate. Thirdly, there are arguments that other variables, e.g. interest rates, foreign inflation and foreign … theoretically consistent measure of the steady state and provides a natural route for foreign inflation or output gap to enter the …

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

the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical … and inflation, while the monetary expansion was quite ineffective and led mainly to higher inflation. Finally, the …

Central bankers are raising interest rates on the assumption that wage-push inflation may lead to stagflation. This is …

This paper analyzes the relationship between unemployment and wage inflation for 10 of the euro area countries. The … combination of low wage inflation and high unemployment in Europe is usually attributed to a rise in the natural rate of … unemployment that may account for a changing pattern in the unemployment inflation trade-off. Moreover, it analyzes whether the …

constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in … 1995 would have led to an annual increase in inflation of 2.5 percentage points if it had not been largely offset by …

integration ; misalignment ; second-generation panel unit root and cointegration tests …