of these shocks under different degrees of capital mobility may alter the inflation-unemployment tradeoff, i.e., the …

relates measured unemployment to vacancies and to excess demand. The model has a more sophisticated treatment of dynamics than … earlier disequilibrium models, and uses measured unemployment as an endogenous variable. Two of the error terms are assumed to … estimates computed in various ways are reasonable. The model is used to estimate the natural rate of unemployment as well as a …

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 …

interpretation for the dynamic inflation--unemployment relation found in the data …

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 …