likely to adopt technologies and increase productivity …

We define the Fisherian Golden Rule measure of bond market inflation expectations as the difference between bond rates … and trend real GDP growth rates. The concept is based on the Fisherian theory that an increase in longer-term inflation … rates of interest would equal the growth rate of real output. We compare the bond market inflation experiences of 13 …

-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 …

Switzerland. Even with wide differences in inflation processes across these countries, there is we find strong evidence that the … term structure does have significant forecasting ability for future changes in inflation, particularly so at long …

variables also significantly reduce inflation in both the short and long run. Given the actual changes in these factors in the … inflation in the latter half of the last decade …

higher capital intensity. Labor productivity will need to increase over and above this mechanism in order to compensate for …