This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …

Recent research has examined the link between rising educational attainment and its impact on inflation, via the … economies. We find that the education-adjusted unemployment gap does little to help estimate the inflation-unemployment tradeoff …

This paper uses an econometric model and Bayesian estimation to reverse engineer the path of inflation expectations … common measures of expected inflation available from surveys or computed from financial data. In particular, they exhibit the … strongest correlation with the inflation forecasts of the respondents in the University of Michigan Survey of Consumers. The …

This paper uses an econometric model and Bayesian estimation to reverse engineer the path of inflation expectations … common measures of expected inflation available from surveys or computed from financial data. In particular, they exhibit the … strongest correlation with the inflation forecasts of the respondents in the University of Michigan Survey of Consumers. The …

) framework. We find evidence of two regimes: a “high inflation regime†associated with fast rising food and energy prices and … a “low inflation regime†associated with slower rising or falling food and energy prices. This suggests that the U …-accelerating inflation rate of unemployment (NAIRU) varies over the short-run or business cycle. …