and inflation rates. Building on the lessons from recent advances in time-series econometrics, we suggest instead that one …

volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the … and real wage rigidities. In our analysis, we focus on the differentials in inflation and unemployment between countries … inflation and unemployment differentials. Second, we find that asymmetries in labor market structures tend to increase the …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth? describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

An empirical analysis of the impact of labour market structures on the response of inflation to macroeconomic shocks is … presented. Results based on a 20 country panel show that if labour market coordination is high, the effect on inflation of … inflation to its reduced form determinants. These findings are attributed to the behaviour of wages following movements in …

money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal …

. Two periods are distinguished: the period of inflation rise from 1970 to 1981, which coincides with an important squeeze …

find a high degree of downward nominal wage rigidity, which for rates of inflation lower than three percent is shown to …