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 …. Our analysis suggests that the US experience of the 1990s - in particular, the falling unemployment at moderate inflation …

implications of variable labor force participation rates for inflation and establish the following result: if endogenous movements … dynamics. Indeed, during recessions, the upward pressures on inflation stemming from the lack of a downward adjustment in real …

The unemployment rate provides an important gauge of spare capacity in the labour market and the economy more generally …. However, other factors also affect unemployment, which complicates its interpretation when informing monetary policy …. Statistical methods can be used to estimate the extent to which the unemployment rate reflects spare capacity versus more enduring …

linking the measured inflation (consumer price index or GDP deflator), unemployment and change in labor force. During the last … twenty-five years, unemployment in the USA has been a lagged linear function of inflation. In turn, inflation has also been a … inflation coincided in time with the high unemployment induced by the high inflation period two years before. One can predict …

Phillips Curve. The main result is a time-varying natural rate of unemployment, which nevertheless continues to be an essential … historical concept to analyze inflation in a Structuralist version of the Phillips Curve where many forces determine the path of …

Recent studies have indicated that the terms 'NAIRU' (non-accelerating inflation rate of unemployment) and 'natural … twentieth century. The analysis reveals that the overall inflation-forecasting utility of the natural rate of unemployment … rate of unemployment' are not interchangeable. While NAIRU is an empirical macroeconomic relationship estimated via a …