This paper asks how well Okun's Law fits short-run unemployment movements in the United States since 1948 and in twenty … the unemployment rate-varies substantially across countries. This variation is partly explained by idiosyncratic features … of national labor markets, but it is not related to differences in employment protection legislation. …

based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor …-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including … the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good …

This paper examines inflation dynamics in the Unites States since 1960, with a particular focus on the Great Recession …. A puzzle emerges when Phillips curves estimated over 1960- 2007 are used to predict inflation over 2008-2010: inflation … by theories of costly price adjustment: we measure core inflation with the median CPI inflation rate, and we allow the …