imported goods as intermediate production goods. Our estimation results indicate that Hungarian inflation is significantly more … presents the first structural Phillips curve estimations for a New EU Member State economy. We find that Hungarian inflation … inertial than Euro area inflation. Hungarian inflation inertia appears to be the result of pervasive backward looking price …

This paper shows how endogeneous inflation inertia is generated by a simple modificaton of the quadratic adjustment … cost structure faced by economic agents. We derive the pertinent inflation relationships based on purely nominal rigidities …

what I call a micro Phillips curve, i.e. a product-specific relation between inflation and economic activity conditional on … inflation expectations. I find two opposing effects of competition on the slope of the micro Phillips curve. On the one hand … weak competition. In line with the theory, prices of products, that face very strong competition, are also less likely to …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

inflation. Taking as given the paths of nominal labor compensation and labor productivity to approximate the evolution of …

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 …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be …

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 …

This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a … has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We … the US unemployment and inflation trajectories during the nineties. …