unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large … unemployment cost of undershooting the inflation target …

relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes …, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of … inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation …

We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications … for the unemployment-inflation tradeoff and for the conduct of monetary policy.lt;brgt;lt;brgt;We proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

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

-market slack is captured by the level of short-term unemployment. This equation explains inflation behavior since 2000, including … the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good … Phillips curve in which core inflation depends on short-term unemployment and on expected inflation as measured by the Survey …

little direct relation to changes in the NAIRU, but long-term unemployment benefits magnify the effects of disinflation …. These results support `hysteresis' theories of unemployment …

particular, it provides a natural interpretation for the dynamic inflation--unemployment relation found in the data …

inflation, strong real wage growth, and low rate of unemployment in the U.S. economy during the late 1990s. Many of these … univariate trends in the unemployment rate and in the rate of productivity growth, these coefficients are stable. This suggests … explanations of movements of wages, prices and unemployment over the 1990s, and indeed over the past forty years, must focus on …

advantage of the workers' induces higher unemployment in equilibrium. The upshot is a long run tradeoff between inflation and … unemployment for low levels of inflation. The prediction that low inflation involves higher unemployment in Europe but not in the …

unemployment-inflation tradeoff since 1995 …