high during 2016-2019, keeping inflation below the Reserve Bank's target band. Optimal monetary policy in 2016-2019 would …

inflation (sunspot shocks) affecting nominal wage bargaining. Since the estimated parameters fall near the locus of Hopf … bifurcations, country-specific expected inflation shocks can replicate the strong persistence and heterogeneity observed in …

. Two periods are distinguished: the period of inflation rise from 1970 to 1981, which coincides with an important squeeze …

reaction theory of unemployment, which focuses on (a) the interaction among labor market adjustment processes, (b) the …

with a coefficient equal to the share of capital (α). The long-run theory is tested using quarterly data on nine major oil …-run theory. The existence of long-run relations between real output, foreign output and real oil income is established for six of … three decades, the theory suggests that the effect of oil income on the economy's steady state growth rate will vanish …