A large literature in macroeconomics assumes a social objective function, W(pi,U), where inflation, pi, and … unemployment, U, are bads. This paper provides some of the first formal evidence for such an approach. It issues data on the … dollar value of a low inflation rate. It also examines the struture of happiness equations across countries and time. …

decrease in the number of unions) triggers two opposite effects on real wages, unemployment and inflation. It reduces the …, unemployment and inflation. For sufficiently inflation averse unions the interaction between those two effects produces a Calmfors … position and the shape of this relation, as well as on inflation and unemployment. The paper features two mechanisms, one of …

unemployment for the five major European economies. The dynamic adjustment and the level relations are found to be different across … all countries including the UK, deviations from reference values are found to influence unemployment. Only for Germany and … Spain, instead, we find evidence that deviations from reference values influence inflation dynamics. We also finds a …

During the 1990s economic expansion, the United States enjoyed both low inflation and low unemployment. Juhn, Murphy … whether Phillips curve relationships between real compensation growth, changes in inflation, and labor market slackness are … labor market slackness do as well as men's in explaining real compensation growth and changes in inflation after 1983. …