relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …In this paper we test a new empirical relationship between wage and inflation. We introduce the concept of a cumulative …. The shape of the post-crisis Phillips Curve expresses the theoretical assumption that the inflation rate stays below its …

conclusion is to make wages and the nominal exchange rate anchors for the price level, which implies that nominal wages should … increase according to trends in productivity and the target inflation rate of the central bank. Wage developments without …

A model of nominal labor-price dynamics is derived from the choice of an efficient strategy to adjust wages for … inflation. The model, named the rational-arrangements Phillips curve, identifies a central role for catch-up to price inflation … that has already occurred and a more latent role for rational expectations of future inflation. The reinterpreted Phillips …

As inflation rates in the United States decline, analysts are asking if there are economic reasons to hold the rates at … levels above zero. Previous studies of whether inflation "greases the wheels" of the labor market ignore inflation …-setting that allows the benefits of inflation (downward wage flexibility) to be separated from disruptive uncertainty about …

Keynesian assumption ofprice rigidity and show that the response of inflation to the output gap tends to be significant only if … the inflation rate tends to be relatively high and exceeds a certain threshold. For a low inflation rate, the price … during which the elasticity of inflation rate to an excess demand has become highly important and the inflation rate …

inflation and inflation uncertainty. Thus, we can test for state-dependence of the Calvo parameter in a straightforward way. To … that a number of shortcomings of empirical NKPC model representations in explaining inflation data may be addressed by … the relation between inflation and marginal costs are considerably reduced in the framework of our more general NKPC …

inflation are co-breaking. We argue that the step-like development of inflation is in line with shocks and monetary policy that …% inflation was accomplished by introducing an inflation targeting regime. …

level and the dynamics of inflation. I compare the model's predictions with those of a perfectly competitive, flexible price … rigidity delivers an extremely close approximation both of the price/unit labor cost ratio and of the inflation series, even …