well as price-level or inflation stabilization. Consistent with Kydland and Prescott (1990), trend deviations in prices are … problem" and a new rationalization for McCallum's P-bar inflation equation are also presented"-Federal Reserve Bank of Dallas … well as price-level or inflation stabilization. Consistent with Kydland and Prescott (1990), trend deviations in prices are …

The recent surge in inflation led many unions and firms to alter their bargaining and wage-setting policies. Using … during periods of high and low inflation. We find state dependence along the extensive and intensive margins: the average … implications of state-dependent wage setting for the long-run effects of trend inflation, the transmission of monetary policy …

inflation and inflation uncertainty. Thus, we can test for state-dependence of the Calvo parameter in a straightforward way. To … that a number of shortcomings of empirical NKPC model representations in explaining inflation data may be addressed by … the relation between inflation and marginal costs are considerably reduced in the framework of our more general NKPC …

level and the dynamics of inflation. I compare the model's predictions with those of a perfectly competitive, flexible price … rigidity delivers an extremely close approximation both of the price/unit labor cost ratio and of the inflation series, even …