inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the … standard model is enhanced by real wage rigidities or labor turnover costs, an endogenous short-run inflation-output tradeoff … rigidities. Second, labor turnover costs are the dominant source for the inflation-output tradeoff when both rigidities are …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … effects. 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. Our empirical analysis suggests that this Phillips curve may be …

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

In this paper we introduce and test the hypothesis that the relation between inflation and unemployment has been in … 1975 and 1980 after the first (or the second) oil price shock in autumn 1973. During the disin°ation period, inflation and … their favour and the Central Bank fighting against inflation. Since the wage and price setters did not fully believe in an …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real … between inflation and output. …