This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …

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-unemployment …

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

of unemployment and low real growth in the United States, or in other countries. Nor have these been of much use in the …

Federal Reserve Bank of Chicago. This article describes its specification and estimation, its dynamic characteristics and how …

Federal Reserve Bank of Chicago. This guide describes its specification, estimation, dynamic characteristics, and how it is …