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 …

variations over time in the central bank's inflation target. We derive a closed-form solution for the model, and analyze its … monetary policies and inflation persistence. In particular, we employ the model to illustrate and assess the critique that …

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of … continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis … also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the …

formed and how they should be measured. This paper analyses the role of inflation and output growth expectations in the US …, the euro area and Japan. On the one hand, the question is how expectations affect both actual inflation and output; and on … models of actual inflation and output as well as inflation and output growth expectations, which allows for scrutinizing the …

This paper focuses on modeling and forecasting inflation in India using an augmented Phillips curve framework. Both … demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non …-food manufactured products (NFMP) inflation vis-a-vis headline wholesale price inflation; moreover, NFMP inflation is found to be more …

In the paper we have investigated to what extent the behaviour of CPI inflation depends on changes in domestic economic … price indices respond to exchange rate movements and/or foreign inflation. The impact of exchange rate is most substantial …