Belke, Ansgar; Kamp, Martina - In: Journal of Economics and Statistics (Jahrbuecher fuer … 219 (1999) 5+6, pp. 543-555
A high natural rate of unemployment has been identified by the time inconsistency literature as the root cause of an inflation bias. Thus, a reduction of equilibrium unemployment and of the inflation bias requires fundamental reforms of labour market institutions. However, there has been little...