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 …

that the SNB's shift to a more inflation-targeted policy should have increased real-wage flexibility and lowered the NAIRU …, the sacrifice ratio, and the level and persistence of inflation in Switzerland. Our results tend to confirm these …

Most emerging market central banks have adopted inflation targeting as their monetary policy system. The heart of … inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the … extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases …

We study the time path of inflation and unemployment using the Blanchard treatment of the relationship between the two … the results. The economic dynamics of inflation and unemployment shows that they fluctuate around their intertemporal … equilibria, inflation around the growth rate of nominal money supply, respectively, and unemployment around the natural rate of …

job vacancy rate and the inflation rate. Empirically, the relationship is estimated by developing three different panel … inflation. This paper shows the empirical relevance of the modified output gap for Spain during the Great Recession and how it …

using money growth targets until 1999. Since 2000, when a new policy framework was introduced that focuses on an inflation … growth impacts on inflation. M2, however, matters only if the downward shift in nominal interest rates over the sample is …