employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

data determine two inflation regimes and find that they are characterized by high and low inflation volatility. We then … exhibit a more substantial and more persistent effect on downstream prices during periods of elevated inflation volatility … effective in State 2. Exogenously differentiating regimes by the level of inflation or the shock size does not reveal state …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

found to help rationalizing the hump-shaped and persistent response of inflation, without resorting to the counterfactual …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

This paper develops a general equilibrium monetary model with performance incentives to study the inflation-unemployment … relationship. A long-run downward-sloping Phillips curve can exist with perfectly anticipated inflation because workers' incentive … to exert effort depend on financial market returns. Consequently, higher inflation rates can reduce wages and stimulate …

, investment - and weak positive comovement between real quantities and inflation, contrary to the view that anticipated … technological innovations reduce inflation. The technology news shock became the predominant source of the business cycle from the …