Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on … the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by … significant changes in relative prices. Second, as wage and price indexation takes root, the inflationary effect of shocks to …

among inflation, unemployment, wage growth, and output fluctuations. At the industry level, the paper compares the …The paper assesses the price and wage flexibility in Hong Kong SAR. At the aggregate level, it compares Hong Kong SAR … distributions of labor earnings and price growth in Hong Kong SAR and the United States. It further estimates a model of wage …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …

This paper examines whether the clarity of central bank communication about inflation has changed with the economic … environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by … explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis …

This paper provides new empirical evidence on the relationship between reservation wages of unemployed workers and … macroeconomic factors--including the unemployment rate and generosity of the unemployment compensation system--as well as individual …-specific determinants, such as human capital proxies and length of unemployment spell. The longitudinal dataset provides an interesting …

This paper examines the effect of skill-biased technological change on the structure of wages, the composition of … employment and the level of unemployment in a two-sector economy with a heterogenous work force. Efficiency wage considerations …

impact on aggregate labor market performance and unemployment. In a two-sector labor market model with free mobility of labor …, an increase in government wages or benefits reduces private sector employment, and government employment is not an …

unemployment. Key elements of the reforms were a drastic cut in benefits for the long-term unemployed and tighter job search and … reforms were associated with a fall in the earnings of workers returning to work from short-term unemployment relative to …