ratio and the relatively generous unemployment benefit system. …

, this allows the model to generate fluctuations of unemployment, vacancies, and labor productivity whose magnitudes are …

This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the … Beveridge curves. Skill-specific labour market heterogeneity leads to a attening of the Phillips curve as wages and unemployment …

The response of US inflation to the high levels of spare capacity during the Great Recession of 2007-09 was rather … muted. At the same time, it has been argued that the short-term unemployment gap has a more prominent role in determining … inflation, and either the closing of this gap or non-linearities in the Phillips curve could lead to a sudden pick-up in …

"unemployment volatility puzzle". We let new matches and continuing jobs differ by their productivity levels and by their … well behaving Beveridge curve, despite endogenous job destruction, and more volatile vacancies and unemployment, without a …

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be …

affect medium-term inflation, the primary objective of monetary policy. Using panel local projections for 48 advanced and … inflation in the near term, especially in EMEs. But over the medium term, the impact across the various price indices tends to …

-Wouters model and its forecasts of real GDP growth and inflation are compared with those from two extensions. The first adds … extensive labor-market margin and adds the unemployment rate to the observables. The main question we address is if these … extensions improve the density forecasts of real GDP and inflation and their joint forecasts up to an eight-quarter horizon. We …

Can the aging process affect inflation? The prolonged decline of fertility and mortality rates induces a persistent … downward pressure on the natural interest rate. If this development is not internalized by the monetary policy rule, inflation … inflation found in the data for the euro area. In this model, continuing to follow the same rule makes inflation to be on a …