emphasis on their evolution over the business cycle. Blacks have substantially higher and more cyclical unemployment rates than … comparatively higher risk of job loss. In contrast, the Hispanic-white unemployment rate gap is comparatively small and is largely …

response to the unemployment gap is typically beneficial, even if that gap is mismeasured. Even when the dynamics of inflation … of the responsiveness of price inflation to that slack. Using stochastic simulations of a small-scale version of the … setting the policy rate, and substitute toward a more forceful response to inflation, is overstated. We find that a notable …

the Global Financial Crisis are modestly effective in speeding up the labor market recovery and return of inflation to 2 … unemployment rate during a recession because of transmission lags. As with any model-based analysis, we also discuss a number of c …

inflation; changes the transmission of shocks to these variables; and alters the policymaker's welfare objective. Our main …

active monetary policy by pursuing inflation and output stability over the entire post-war period. Even after accounting for … productivity and cost shocks that de-anchored inflation expectations, propagated via self-fulfilling inflation expectations and … constituted the primary sources of the run-up in inflation from the 1960s through the late 1970s …

maximization includes output stabilization, as well as inflation and output gap stabilization. We find that the variance of output … this rule, the optimal responses to inflation and the lagged interest rate are both declining in the size of the habit …

This paper discusses various concepts of unemployment rate benchmarks that are frequently used by policymakers for … particular, we propose two broad categories of unemployment rate benchmarks: (1) a longer-run unemployment rate expected to … prevail after adjusting to business cycle shocks and (2) a stable-price unemployment rate tied to inflationary pressures. We …