inflation rates mainly to make up for, and to perhaps exploit, lagging internal and external liberalization in their economies … changes in institutions, suggest that incentives may be diminishing, but not to the point where inflation levels below 5 … inflation, and enhancements to central bank independence could help shield these central banks from pressures …

relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes … flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization …, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of …

-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 … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an … augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily … caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack. This feature is shown to be …

This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated … with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of … of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and …

money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of … structural and empirical models in a consistent framework using Bayesian and other estimation techniques. We find that money … contains relevant information for inflation in some model classes. Money-based New Keynesian DSGE models and VARs incorporating …

In this paper we study the dynamics of inflation in Macedonia, provide three forecasting tools and draw some policy … conclusions from the quantitative results. We explore three forecasting methods for inflation. We use a Dynamic Factor Model (DFM … New Keynesian Phillips Curve (NKPC) for a more structural model of inflation. The NKPC shows a significant effect of …

variability over a prolonged period of time, against a background of high inflation. Convergence toward international relative and …

Inflation persistence is sometimes defined as the tendency for price shocks to push the inflation rate away from its … steady state—including an inflation target—for a prolonged period. Persistence is important because it affects the output … costs of lowering inflation back to the target, often described as the “sacrifice ratio”. In this paper I use inflation …

the model's output gap as a benchmark, we further show that common output gap estimation methods exhibit a systematic bias …