' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the …

The aim of the article is to clarify the controversies surrounding the relationship between inflation and unemployment … also an increase in inflation. The article, therefore, hypothesises that the relationships between unemployment and … economy, particularly the service sector. A decrease in aggregate supply should cause not only an increase in unemployment but …

The link between US labor cost and price inflation has weakened notably over the past three decades. In this paper we … economy of late: (i) improved anchoring of inflation expectations; (ii) the changing constellation of shocks hitting the … economy; (iii) increased trade integration and (iv) rising firm market power. We find that the improved anchoring of inflation …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical …-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment … and inflation, while the monetary expansion was quite ineffective and led mainly to higher inflation. Finally, the …

rate rule. It is based on sticky wages and prices, perfect foresight of current inflation rates and adaptive expectations … concerning the inflation climate in which the economy operates. A version of Okun's law is used to link capacity utilization to … will lose this feature if the inflationary climate variable or the price inflation rate itself adjusts sufficiently fast …

The link between US labor cost and price inflation has weakened notably over the past three decades. In this paper we … economy of late: (i) improved anchoring of inflation expectations; (ii) the changing constellation of shocks hitting the … economy; (iii) increased trade integration and (iv) rising firm market power. We find that the improved anchoring of inflation …

We assess the stability of the unemployment gap parameter using linear dynamic Phillips curve models for the United … States. In this study, we allow the unemployment gap parameter to be time-varying such that we can monitor the importance of … the Phillips curve over time. We consider different specifications and different measures for inflation. Furthermore, we …