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, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks … significant unemployment inflation trade-off emerges. These conclusions are confirmed by using industrial production instead of … the unemployment rate in the VAR model. …
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between monetary policy, employment, and unemployment. According to the obtained estimates monetary policy shocks invoked … lagged, hump‑shaped reactions of output, employment and unemployment in each of the analysed countries. …
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