Gerlach, Stefan; Lydon, Reamonn; Stuart, Rebecca - 2015
determined externally. To test this relationship, we study the determination of inflation between 1926 and 2012, a longer sample … period than any previously used. We find that the difference between unemployment and the NAIRU is a significant determinant … of inflation both in the full sample and in the subsamples spanning the periods before and after the Sterling parity link. …