relationship between inflation and unemployment is nonlinear. Using aggregate data we are unable to reject a linear relationship … low compared to when it is high. Nevertheless the simple nonlinear Phillips curves used here suggest a core CPI inflation …

that the oil price passes through core inflation only via its effect on the whole economy. This pass-through is estimated …

This paper examines two candidate hypotheses explaining the stabilization of U.S. inflation since the 1970s and 1980s …. The first explanation credits the stabilization of inflation expectations, and assumes those expectations have a strong … positive causal effect on actual subsequent inflation, while the second explanation credits the disappearance of such a strong …

patterns in economic activity and inflation following oil price shocks in the euro area. In the 'normal regime', oil price … shocks are followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the … same direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a …