Previous studies have interpreted the rise and fall of U.S. inflation after World War II in terms of the Fed's changing … the low-inflation policy recommended by a natural rate model even after economists had developed statistical evidence … inflation rate in light of updated probabilities that it assigns to three competing models of the Phillips curve. Cautious …

policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We …

How are inflation and unemployment related in the long run? Are they negatively correlated, as in the so-called naive … in his Nobel lecture? In this paper inflation is introduced into a general equilibrium search unemployment model. We show … of inflation. …

policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation … of the 1970s. Second, I consider whether models of inflation determination with no role for money are incomplete, or … evidence for a long-run relationship between money growth and inflation. (Here I give particular attention to the implications …

-run inflation-unemployment tradeoff. …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real … between inflation and output. …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth? describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …