current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model … correction terms, and indirectly of income distribution, in the dynamics of wage and price inflation in the U.S. and the euro …

which induce smooth inflation also dampen the adjustment of wages in response to shocks. In the search and matching … Phillips curve is that inflation is not only driven by an output gap but also by an employment gap – a feature usually …

result is that the model is able to generate persistent responses in output, inflation, and total labor input to both neutral …

1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …. -- Unemployment ; labor market search ; job flows ; labor share ; inflation ; productivity shocks ; monetary shocks …

labor input, but it predicts a strong counterfactually negative long run relationship between inflation and unemployment …. This finding is robust to including a microeconomically realistic degree of indexation of wages to inflation. The lack of a … negative long run relationship between trend inflation and unemployment provides indirect evidence against the proposed …