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The purpose of this paper is to test the general validity of the NKPC previsions for the Italian manufacturing industries. In particular we are interested in estimating the extent to which the degree of nominal inertia and the fraction of backward-looking price-setters differ from industry to...
Persistent link: https://www.econbiz.de/10010312509
A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real … between inflation and output. …
Persistent link: https://www.econbiz.de/10010325611
reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …
Persistent link: https://www.econbiz.de/10010332011
-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10010265568
A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real … between inflation and output. …
Persistent link: https://www.econbiz.de/10010273150
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 …
Persistent link: https://www.econbiz.de/10010276419
The paper extends the efficiency wages Phillips curve from a closed economy context to an open economy one with both commodity trade and capital mobility. Opening the trade account does not alter the slope of the Phillips curve, but it makes its position a function of the change of foreign and...
Persistent link: https://www.econbiz.de/10010277343
We consider the effect of money illusion - defined referring to Stevens' ratio estimation function - on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic variables, negative money...
Persistent link: https://www.econbiz.de/10010277352
We explore the relationship between inequality, unemployment, and inflation by considering the evidence that low …-and-flow consistent agent-based model by Rolim et al. (2023), in which inflation and inequality result from the social conflict over … income distribution. The inflation-unemployment-inequality nexus leads to the inequality-augmented Phillips curve relating …
Persistent link: https://www.econbiz.de/10014329434
/tightness and inflation expectations, contributing to the debate on the relevance of the Phillips curve in South Africa, where … previous findings have been inconclusive. Our analysis reveals that long-run inflation expectations are the primary driver of … inflation, with these expectations anchored around 5% historically but declining since the financial crisis. This trend suggests …
Persistent link: https://www.econbiz.de/10014477614