In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … significantly lower elasticity of marginal costs with respect to output. This helps to explain the sluggishness of inflation and the …

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 …

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 …

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 …

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

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 … ; matching models ; labor market search ; inflation persistence ; real wage rigidity …

This paper integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. The … matching frictions and bargaining over real wages and hours of work. Search frictions generate unemployment in equilibrium … for inflation dynamics: under right-to-manage, the real wage rigidity also results in smaller fluctuations of inflation …

marginal costs with respect to output and thus help to account for the observed inertia in inflation …