This paper replicates the main analysis of Svensson (2015) with some expansion to the original analysis, mainly for the United States. Overall, the replication exercise successfully confirms the conclusions of Svensson (2015). In both Sweden and the United States, empirical evidence sup- ports...

The main aim of this paper is to provide forecast intervals for inflation and unemployment rate in Romania, bringing methodological novelties in the construction and evaluation of the prediction intervals. Considering the period 2004-2017 as forecast horizon, only few intervals included the...

The paper shows some new features implemented in SoePL-2012 DSGE model, namely explicitly modeled unobserved labour supply and observed unemployment rate. Our approach to labour market in the New Keynesian DSGE model follows papers of Galí et al. (2011); Galí (2011b), see also Christiano et...

Low rates of inflation have been recorded in recent years, despite a decline in the unemployment rate. This phenomenon could be the result of a series of transitory shocks or of a permanent change in the structure of the economy leading to a lower NAIRU. The paper suggests that, while the NAIRU...

The evolution of the rate of price inflation and unemployment in Japan has been modeled within the Phillips curve framework. As an extension to the Phillips curve, we represent both variables as linear functions of the change rate of labor force. All models were first estimated in 2005 for the...

The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect...

The low rate of inflation observed in the U.S. over the entire past decade is hard to reconcile with traditional measures of labor market slack. We show that an alternative notion of slack that encompasses workers' propensity to search on the job explains this missing inflation. We derive this...