This paper explores the interrelation between the degree of unemployment persistence and the unemployment … unemployment and making unemployment less persistent, the less effective will be the growth-promoting supply-side policies (such as … training schemes) in reducing unemployment. …

rationale for a prolonged inverse relation between inflation and unemployment. The paper suggests that the interaction of … inflation persistence and unemployment persistence may offer a possible explanation of high and prolonged European unemployment. …This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why …

, say, by changes in the money supply - have long-lasting price and quantity effects. Specifically, a temporary demand shift …

, say, by changes in the money supply -- have long-lasting price and quantity effects. Specifically, a temporary demand …

contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and the latter seek to reduce it. The greater the inflation … empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a …

models can generate both substantial inflation persistence and a nonzero inflation-unemployment tradeoff in the long … - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this persistency …

-price staggering models can generate both substantial inflation persistence and a nonzero inflation-unemployment tradeoff in the long …" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this "persistency …

contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and the latter seek to reduce it. The greater the inflation … empirical evidence, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a …

values, high degrees of inflation persistence (prolonged after-effects of inflation in response to temporary money growth …It is commonly asserted that inflation is a jump variable in the New Keynesian Phillips curve, and thus wage …-price inertia does not imply inflation inertia. We show that this "inflation flexibility proposition" is highly misleading, relying …