inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …

of unemployment is affected by the inflation rate. Looking at four countries, France, Germany, the Netherlands and … inflation. The particular shape of the empirical relationship supports the view that a moderate level of inflation provides some … of between 0.5% and 1%, and to decline quickly for higher rates of inflation. For the range of inflation rates observed …

This Paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in …, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation …

increase the flexibility of labour markets, they are likely to improve the short-run inflation-unemployment trade … encourage a decline in unemployment in response to good news on inflation can be used to strike a political deal with political … nominal GDP and, surprisingly, an even greater deceleration of inflation, so that their growth rate of real GDP accelerated …

of a 25 basis point monetary policy shock to output declines from 0.347% to 0.341%. …

"pseudo-safe" assets coexist. A shock worsening the liquidity properties of the pseudo-safe assets raises interest … liquidity shock and improves risk sharing between borrowers and savers. …