sensitivity of inflation to unemployment rate changes. Improvement in fit from just including the online share is tiny—so far … reducing the bargaining power of labor, could lower the natural rate of unemployment. Model performance and fits are improved …During the recovery from the Great Recession, inflation did not reach the central bank's 2 percent objective as quickly …

not the case. Although unemployment is low, the labor market is not 'tight'. On the contrary, we show that what matters …Central bankers are raising interest rates on the assumption that wage-push inflation may lead to stagflation. This is … to maintain their real wages by reducing labor demand still further. Furthermore, we argue inflationary pressures have …