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 … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in …, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation …

The paper examines how the long-run inflation-unemployment tradeoff depends on the degree to which wage-price decisions …

The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of … properly general theory of pricing that can be applied to any market - whether financial, real, or a real market that has been …

An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with … price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other measures of economic … implications for demand and supply curve slopes. Equipped with New Keynesian theory and estimated SVAR models, we decompose the …

affects how agents learn from new information. We show that as inflation has risen in developed economies, both households and … firms have become more attentive and informed about inflation, leading them to respond less to exogenously provided … information about inflation and monetary policy. This observation holds for both firms and households. We also study the effects …

inflation and unemployment. The main policy implication of this principle is that all monetary policy can aim for is (modest …