We explore the relationship between inequality, unemployment, and inflation by considering the evidence that low …-and-flow consistent agent-based model by Rolim et al. (2023), in which inflation and inequality result from the social conflict over … income distribution. The inflation-unemployment-inequality nexus leads to the inequality-augmented Phillips curve relating …

/tightness and inflation expectations, contributing to the debate on the relevance of the Phillips curve in South Africa, where … previous findings have been inconclusive. Our analysis reveals that long-run inflation expectations are the primary driver of … inflation, with these expectations anchored around 5% historically but declining since the financial crisis. This trend suggests …

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real … between inflation and output. …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ``frictional growth,'' describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …

This brief examines two issues of current interest concerning inflation: (1) whether "well-anchored" expectations will … help to restrain inflation's decline and whether an "un-anchoring" of expectations could lead to undesirably high inflation … and (2) to what extent output (or utilization) gaps are useful components of empirical models of inflation and, if they …

Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical …. Empirical estimates of the Phillips curve during the low-inflation period confirm previous findings of a relatively flat but … setting, changes in trend inflation above 5-6% would have significant effects on the euro area Phillips curve. Similarly …

We combine an estimated monetary policy rule featuring time-varying trend inflation and stochastic coefficients with a … medium scale New Keynesian framework calibrated on the U.S. economy. We find the impact of variations in trend inflation on … counterfactual exercises suggest that the change in the Federal Reserve's policy response to inflation is likely to have been the …

This paper looks at the implications of heterogeneous beliefs for inflation dynamics. Following a monetary policy shock …, inflation peaks after output, is inertial, and can be characterized by a Hybrid Phillips Curve. It presents a novel channel … through which systematic monetary policy can affect the degree of inflation persistence. It does so by altering the effective …