Identifying determinants of the output-inflation tradeoff has long been a key issue in business cycle research. We … provide evidence that in countries with greater restrictions on capital mobility, a given reduction in the inflation rate is … Arrangements and Exchange Restrictions. Estimates of the output-inflation tradeoff are taken from previous studies, viz., Lucas …

relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes … flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization …, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of …

Upward sloping yield curves are hard to reconcile with the positive association between income and inflation (the … Phillips curve) in consumption-based asset pricing models. Using US and UK data, this paper shows inflation is negatively … the importance of monetary policy, predicting that a permanently low growth and low inflation environment would …

inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation …

This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation …

implications of the alternative loss functions for equilibrium levels of inflation and unemployment. For parameter estimates …

This paper examines the impact of the introduction of inflation targeting on the unemployment-inflation trade-off in … OECD countries. Theoretical models suggest that the credibility-enhancing effects of the adoption of inflation targeting … should cause an improvement in the unemployment-inflation trade-off, i.e., that reducing inflation by a given amount should …

Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries … the implications of a globalization-related flattening of the Phillips curve for the trade-off between inflation and …