inflation, strong real wage growth, and low rate of unemployment in the U.S. economy during the late 1990s. Many of these … explanations of movements of wages, prices and unemployment over the 1990s, and indeed over the past forty years, must focus on …

Inflation dynamics have been difficult to explain over the last decade. This paper explores if a more comprehensive … treatment of globalization can help. CPI inflation has become more synchronized around the world since the 2008 crisis, but core … and wage inflation have become less synchronized. Global factors (including commodity prices, world slack, exchange rates …

inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical applications … structural wage equation derived here is shown to account reasonably well for the comovement of wage inflation and the …

This paper investigates whether permanent monetary tightenings increase inflation in the short run. It estimates, using … increases in the nominal interest-rate lead, in accordance with conventional wisdom, to a decrease in inflation and output and … an immediate increase in inflation and output and a decline in real rates. Permanent monetary shocks explain more than 40 …

in the unionized sector. Real wages in long term union contracts contain an unanticipated component that reflects … separating the causal effects of wages on employment from other endogenous sources of employment and wage variation. The … employment and wages are only weakly related. When unexpected changes in real wages are used as an instrumental variable for the …

matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of … Phillips curves for both prices and wages extending over the full 1954-87 period and several sub-periods. The most striking … result in the paper is that wage changes do not contribute statistically to the explanation of inflation. Deviations in the …

A relation between inflation and the path of average marginal cost (often measured by unit labor cost) implied by the … is shown to again take the standard "new-Keynesian" form, but with an elasticity of inflation with respect to real …

This paper provides an explanation for the run-up of U.S. inflation in the 1960s and 1970s and the sharp disinflation … by low inflation. However, prolonged episodes of high inflation ending with rapid disinflations can occur when … policymakers underestimate both the natural rate of unemployment and the persistence of inflation in the Phillips curve. I estimate …

perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an …

This paper examines the shift in the relation between the inflation rate and the rate of growth of real output which … possible lines of explanation: a) the new classical view of the output-inflation tradeoff, initially specified by Lucas;b) the … effect of supply-side shocks, such as energy prices; c) the effect of inflation variability on the natural rate of real …