and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s … information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the …

Analysis Network (PRISMA) for inflation dynamics and monetary policy, relying on calibrated models and direct empirical …. Empirical estimates of the Phillips curve during the low-inflation period confirm previous findings of a relatively flat but … setting, changes in trend inflation above 5-6% would have significant effects on the euro area Phillips curve. Similarly …

(IMF) failed to predict the inflation surge during 2021-2023. The output gap, the unemployment gap, the New Keynesian … Phillips curve and inflation expectations did not give timely and relevant signals. The re-emergence of inflation thus threw … sudden acceleration of inflation post factum. This paper critically reviews the theoretical and empirical merits of three …

We combine an estimated monetary policy rule featuring time-varying trend inflation and stochastic coefficients with a … medium scale New Keynesian framework calibrated on the U.S. economy. We find the impact of variations in trend inflation on … counterfactual exercises suggest that the change in the Federal Reserve's policy response to inflation is likely to have been the …

This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the … Beveridge curves. Skill-specific labour market heterogeneity leads to a attening of the Phillips curve as wages and unemployment …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff …

Abstract. I derive a theory of endogenous uncertainty and attention choice that can jointly account for two recent … phenomena: (i) the flattening Phillips Curve and (ii) “well-anchored” inflation. In particular, I derive a Behavioral Attention … Phillips Curve (BAPC) whose slopes on the output gap and inflation expectations decline when inflation is less uncertain. When …

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after …

reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …

We model the rate of inflation and unemployment in Austria since the early 1960s within the Phillips/Fisher framework … macroeconomic variable was first tested as a predictor of inflation and unemployment in 2005 with the involved time series ended in … relationships between inflation, unemployment, and labour force. As before, a structural break is allowed in these relationships …