revealed that increased inflation and Bank Rates, related to the cost-of-living crisis, were associated with greater …

employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

- although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this persistency … setting (in which real variables not only affect inflation, but are also influenced by it), standard wage-price staggering …

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper … concludes with an empirical application to consumer price inflation in Germany, France and Italy, and re-examines the extent to … which observed inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …

nominal wages by less than the inflation rate, but seldom cut nominal wages, in contrast to the predictions of the standard … individual needs to compare the inflation rate to the wage change before it becomes clear whether the change increases or … wage achieved through increasing the nominal wage by less than the inflation rate. Although emotions may benefit individual …

period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence …. The closer to zero this parameter, (i) the more firms adjust on the intensive margin, reducing employment volatility, (ii … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …

the inflation rate, but they very seldom cut nominal wages. This pattern suggests that workers exhibit a special … compare the inflation rate to the wage change before it becomes clear whether the change increases or decreases utility, thus … inflation rate. Although emotions may benefit individual workers, by strengthening their bargaining position and preventing wage …