employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

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 …

period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …

We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of … establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the … United States economy and the long-run equilibrium properties are compared at low and high inflation. We find that, when the …

-run inflation-unemployment tradeoff. …

- although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this persistency … setting (in which real variables not only affect inflation, but are also influenced by it), standard wage-price staggering …