demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial … production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times …

coordinated wage bargaining systems have a dampening impact on inflation volatility …In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of … protection legislation appear to play a limited role for output volatility. We also find some evidence suggesting that highly …

All else equal, higher wages translate into higher inflation. More rigid wages imply a weaker response of inflation to …

All else equal, higher wages translate into higher inflation. More rigid wages imply a weaker response of inflation to …

coordinated wage bargaining systems have a dampening impact on inflation volatility. …In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of … protection legislation appear to play a limited role for output volatility. We also find some evidence suggesting that highly …

wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …

hypothesis, and study the relative merits of changes in structure and shocks for reproducing the conquest of the Great Inflation …

inflation and the extent of real wage rigidity but that these effects depend on the definition of reference norms (e.g. how …

A number of studies document the prominent role of global factors in domestic inflation developments (e.g. Borio and … Filardo, 2007; Ciccarelli and Mojon, 2010). In this paper we investigate global dimensions of advanced economy inflation. We … inflation expectations and augment Phillips curves with global factors including global economic slack, global inflation and …

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation … volatile inflation. Models with wage stickiness and right-to-manage bargaining or with firm-specific labour emerge as the most …