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 …

period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence …We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every … 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 …We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated for … each period. The workers' bargaining power in the working time negotiations affects both unemployment volatility and … inflation persistence. The closer to zero this parameter, (i) the more firms tend to adjust on the intensive margin, reducing …

employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of …). Accordingly, the efficient unemployment rate is the geometric average of the unemployment and vacancy rates: u* = √uv. We compute …