New Keynesian model with wages and prices is introduced and estimated by maximum likelihood. The steady state …

Recent studies have indicated that the terms 'NAIRU' (non-accelerating inflation rate of unemployment) and 'natural … twentieth century. The analysis reveals that the overall inflation-forecasting utility of the natural rate of unemployment … rate of unemployment' are not interchangeable. While NAIRU is an empirical macroeconomic relationship estimated via a …

' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the …

relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …In this paper we test a new empirical relationship between wage and inflation. We introduce the concept of a cumulative …. The shape of the post-crisis Phillips Curve expresses the theoretical assumption that the inflation rate stays below its …

, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks … significant unemployment inflation trade-off emerges. These conclusions are confirmed by using industrial production instead of … 1999-2019, when the Federal Funds Rate and the Euro-Dollar exchange rate are added to the VAR model inflation shows …

strong support for concave shaped unemployment-gap and output-gap based Phillips curve specifications. Given the specific … form of concavity discovered in the Phillips curves, the low inflation rate experienced over the last couple of decades can …

Using a New Keynesian Phillips curve, we document the rapid and persistent increase in the natural rate of unemployment …, 𝑢𝑡 ∗ , in the aftermath of the pandemic and characterize its implications for inflation dynamics. While the bulk of the … inflation surge is attributed to temporary supply factors, we also find an important role for current and expected negative …

The aim of the article is to clarify the controversies surrounding the relationship between inflation and unemployment … also an increase in inflation. The article, therefore, hypothesises that the relationships between unemployment and … economy, particularly the service sector. A decrease in aggregate supply should cause not only an increase in unemployment but …

sensitivity of inflation to unemployment rate changes. Improvement in fit from just including the online share is tiny—so far …During the recovery from the Great Recession, inflation did not reach the central bank's 2 percent objective as quickly … contestable and damped retail inflation. This hypothesis is tested using data on the online share of retail sales, which are …