Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United … inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the … timings of the transitions between regimes. However, the typical rates of inflation and unemployment experienced in the …

most likely responsible for a considerable part of European unemployment. …

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest …. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new … Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In …

-run inflation-unemployment tradeoff. …

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

estimates the unemployment rate that is compatible with a tolerable inflation rate of say 2 percent following roughly the … compatible with 2 percent inflation in Germany is currently around 7 percent if the definition of unemployment follows the … Phillips curve, the sum of coefficients associated with expected inflation is far beyond unity, whatever measure of expected …

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 …

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

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation and …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …