long run Phillips curve recorded -0.75 in Sweden and -0.23 in the United States. While the average inflation rate in the … United States was very close to its targeted level, the average inflation rate in Sweden was 0.6 per- centage points below … its targeted level over the sample period. The deviation of inflation rate from its targeted level in Sweden resulted in …

below the ECB’s inflation target. Therefore, a readjustment of the infl ation target seems unjustified. Furthermore, as the … ECB can expect inflation to return to its target, it possibly can accelerate tapering its unconventional monetary policy …

unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large … unemployment cost of undershooting the inflation target …If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the …

unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large … unemployment cost of undershooting the inflation target …If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the …

comparable effects on nominal wage growth from several indicators of "slack" in the labour market: unemployment rates …, unemployment rate gaps, the prime-age employment-to-population ratios, a composite labour market indicator constructed using a … principal component for a wide range of labour force data, and unemployment rates separated by duration of unemployment. Our …