sensitivity of inflation to unemployment rate changes. Improvement in fit from just including the online share is tiny—so far …. Other results indicate that market-based price indexes are more sensitive to unemployment than measures such as core PCE … reducing the bargaining power of labor, could lower the natural rate of unemployment. Model performance and fits are improved …

' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the …

unemployment rates, an increase in demand reduces unemployment without creating strong inflationary pressures. Meanwhile, supply … shocks have a muted effect. At sufficiently low unemployment, there is a labor shortage, so that the economy is at full …