" – although they generate price inertia, they cannot account for thestylised fact of inflation persistence. It is thus commonly … asserted that, in the context of thenew Phillips curve (NPC), inflation is a jump variable... …

We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007in a traditional Phillips curve … affect inflation through (the common part of) domestic demand and supplyconditions. Our most important result is that the … common component of changes in unit laborcosts notably affects inflation. We also find evidence that movements in import …

and foremost, as a commitment device. In our setting, a monetarytarget helps anchoring inflation and inflation … as a strong response to deviations of inflation from target and to theactivity growth gap. In contrast, the response to …

a special focus on persistence of real wages,wage and price inflation. The analysis is conducted within a structural …, as well as the cointegrating properties of theestimated system. Overall, in the long run, wage and price inflation emerge …

This paper examines the impact of downward wage rigidity (nominal and real) onoptimal steady-state inflation. For this … andFinland). The calibrated heterogeneous agent models are then solved for differentsteady state rates of inflation to derive …

inflation should differ between inflation anddeflation episodes, using data for Japan and Hong Kong. We use a random … both the inflation and deflation periods, and the parameteron the second moment changes sign in the deflation period, as …