in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … information benchmark. This provides a partial but unified explanation for the inflation of the seventies and the price stability …, during and following periods of large changes in potential output, the IP significantly affects the dynamics of inflation and …

features, such as the degree of centralization of wage bargaining, labour unions' inflation aversion and the degree of … monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of …

, or of central bank conservativeness are associated with lower unemployment and inflation. However the forward shifting of … by governments concerned with the costs of inflation and unemployment, as well as with redistribution to particular …

inflation. The labour market is characterized by the degree of centralization of bargaining and by the degree of trade unions …’ inflation aversion. The latter leads each union to moderate its wage demands in order to induce the Central Bank (CB) to inflate …) triggers two opposite effects on real wages, unemployment and inflation. The decrease in the number of unions reduces the …

in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … information benchmark. This provides a partial but unified explanation for the inflation of the seventies and the price stability …, during and following periods of large changes in potential output, the IP significantly affects the dynamics of inflation and …