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 …

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …

progressively opt for greater exchange rate flexibility as well as a monetary policy based on inflation targeting rather than … policies are reviewed and analyzed. Second, the theoretical sources of inflation (cost push and demand pull factors as well as … probabilities is estimated for Morocco and Tunisia to provide important information concerning the mechanisms underlying inflation …

The behavior of inflation in Chile over the last 30 years has striking similarities to the experience of many … industrialized and developing economies. The successful reduction of inflation, in a context of health GDP growth, reflects a … shock that reduced inflation everywhere. Thus, the reduction of inflation in Chile was not solely luck or solely inspiration …

This Selected Issues paper examines the acceleration of inflation over the past year in Chile, identifying domestic … compares it with alternative policy rules. The paper concludes that Chile’s framework based on an explicit inflation target, a …