We build a model with frictional unemployment and staggered wage bargaining and we assume that hours worked are … negotiated every period. We analyze the role of workers? bargaining power in the hours negotiation on unemployment volatility and … inflation persistence. The closer to zero is this parameter, (i ) the more firms adjust on the intensive margin, reducing …

Le 5ème symposium international de la Banque de France a porté sur les effets de la globalisation sur l’inflation et …

on the inflation process. …

-term inflation objectives. In the long term, monetary policy is most effective in achieving its objectives when the inflation target … is changed in response to the new economy and when the monetary authority attempts to stabilize both inflation and output … for in changing the assessment of the potential growth rate and the inflation target. …

unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low … frequency movements of inflation, might possibly explain these developments. To highlight this issue, the present study … estimates the dynamics of the implicit inflation target in the euro zone over the period 1970Q1-2004Q4. Based on a small …