Verhältnis der Deutschen zur Inflation wider. Die Medien sprechen von der „German Angst“. Sowohl die Erfahrungen der frühen 20er …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be …

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 …

This article reviews the evolution of Lucas theory of Phillips curve. His theory is based on optimal decisions of …