implications for the unemployment-inflation tradeoff and for the conduct of monetary policy.We proceed in two steps. We first leave … firms. We derive the relation between inflation and unemployment and discuss how it is influenced by the presence of labor … market frictions and real wage rigidities. We show the nature of the tradeoff between inflation and unemployment …

the relationship between employment, wages, and inflation, according to James K. Galbraith. However, he asserts, wages are … policy? Notions of natural rates of unemployment and inflationary barriers to full employment fade away. Supply-side measures … can no longer been seen as adequate to deal with problems of unemployment and inequality. Questions of distribution of …

labor input, but it predicts a strong counterfactually negative long run relationship between inflation and unemployment … negative long run relationship between trend inflation and unemployment provides indirect evidence against the proposed …. -- Sticky wages ; staggered Nash bargaining ; trend inflation ; unemployment ; search and matching …