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 … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …

-run inflation-unemployment tradeoff. …

We study how individuals' memories of inflation shape their expectations about future inflation using both surveys and … the current inflation episode to last. Information treatments in which we show people prior disinflationary experiences … similarly strongly reduce inflation expectations of individuals on average and are often recalled as inflation memories months …

Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U ….S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations … "anchored" expectations, the inflation expectations of U.S. managers appear far from anchored, much like those of households …

Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal … microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants …

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 …