unemployment-inflation tradeoff since 1995 …

The low rate of inflation observed in the U.S. over the entire past decade is hard to reconcile with traditional … the job explains this missing inflation. We derive this novel concept of slack from a model in which a drop in the on …

hand and the inflation rate on the other hand. Empirically, we estimate this relationship by developing three different … markets for goods and services will push up inflation. We show the empirical relevance of the modified output gap for Spain …