and matching unemployment. We show that trend growth in itself does not generate a trade-off for the monetary authority …

find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s but has … below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than … anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 …

unemployment on inflation,for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …