This paper analyses the relation between US inflation and unemployment from the perspective of quot;frictional growth … policy has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We … the US unemployment and inflation trajectories during the nineties …

This paper analyses the relation between US inflation and unemployment from the perspective of frictional growth, a … effects, giving rise to a long-run inflation-unemployment tradeoff. We evaluate this tradeoff empirically and assess the … impact of productivity, money growth, budget deficit, and trade deficit on the US unemployment and inflation trajectories …

This paper argues that there is a nonzero inflation-unemployment tradeoff in the long-run due to frictional growth, a …-run Phillips curve suggests the development of a holistic framework that can jointly explain the evolution of inflation and … equations. We then evaluate the inflation-unemployment tradeoff and assess the impact of productivity, money growth, budget …