This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …

-run inflation-unemployment tradeoff. …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

This paper explores the interrelation between the degree of unemployment persistence and the unemployment … unemployment and making unemployment less persistent, the less effective will be the growth-promoting supply-side policies (such as … training schemes) in reducing unemployment. …

empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a … Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with … inflation rate, the greater the degree of wage dispersion under Calvo wage contracts, and thus the greater the degree of envy …

, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant … contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and latter seek to reduce it. The greater the inflation rate …