advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying …

German wages have not increased very rapidly in the last decade despite strong employment growth and a 5 percentage … attributed to low inflation expectations and low productivity growth. There is no evidence - from either aggregate or micro …

percent of past inflation. The estimates also show that the unemployment rate was a strong determinant of the contract …

Inflation persistence is sometimes defined as the tendency for price shocks to push the inflation rate away from its … steady state—including an inflation target—for a prolonged period. Persistence is important because it affects the output … costs of lowering inflation back to the target, often described as the “sacrifice ratio”. In this paper I use inflation …

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …

. Following a short-lived boom — caused by falling real wages — the increase in the growth rate of nominal credit leads to a …

This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements … seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output … is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency …

In this paper we study the dynamics of inflation in Macedonia, provide three forecasting tools and draw some policy … conclusions from the quantitative results. We explore three forecasting methods for inflation. We use a Dynamic Factor Model (DFM … New Keynesian Phillips Curve (NKPC) for a more structural model of inflation. The NKPC shows a significant effect of …

variability over a prolonged period of time, against a background of high inflation. Convergence toward international relative and …

This paper examines inflation dynamics in the United States since 1960, with a particular focus on the Great Recession …. A puzzle emerges when Phillips curves estimated over 1960-2007 are ussed to predice inflation over 2008-2010: inflation … by theories of costly price adjustment: we measure core inflation with the median CPI inflation rate, and we allow the …