inflation persistence. The closer to zero this parameter, (i) the more firms tend to adjust on the intensive margin, reducing … wage in determining the marginal cost. This set-up produces realistic labour market figures together with inflation …

period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …

period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …

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

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

implications for monetary policy as the central bank has to decide which inflation rate to target. Our results demonstrate that …

of the responsiveness of price inflation to that slack. Using stochastic simulations of a small-scale version of the … setting the policy rate, and substitute toward a more forceful response to inflation, is overstated. We find that a notable … response to the unemployment gap is typically beneficial, even if that gap is mismeasured. Even when the dynamics of inflation …

area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …