. The model delivers a static wage Phillips curve linking current wage inflation to current unemployment. For standard … stickiness, which features a forward-looking wage Phillips curve, linking current wage inflation to future expected wage … inflation and current unemployment. This result puts in perspective the role played by the forward-looking component of the new …

study the consequences of unexpected inflation on the labor market. The slow and costly adjustment of real wages within a … match after a burst of inflation incentivizes workers to engage in job-to-job transitions. Such dynamics after a surge in … inflation lead to a rise in aggregate vacancies relative to unemployment, associating a seemingly tight labor market with lower …

This paper studies people's understanding of inflation--their perceived causes, consequences, trade-offs--and the … views align with established economic theories. Our key findings show that the major perceived causes of inflation include … negative consequences of inflation but the most noted one is the increased complexity and difficulty in household decision …

marginal costs and inflation. As workers climb the job ladder, reducing slack in the employment pool, the inflation effect …, unemployment and inflation to aggregate shocks. The ratio between job-finding probabilities from job-to-job and from unemployment …, a measure of the "Acceptance rate" of job offers to employed workers, predicts negatively inflation, independently of …

U.S. inflation has recently surged, with inflation reaching its highest readings since the early 1980s. We examine the … drivers of this rise in inflation, focusing on supply chain disruptions, labor supply constraints, and their interaction … endogenous markups, we find that supply chain disruptions combined with a rise in the disutility of work raised inflation by …

How costly is inflation to workers? Answers to this question have focused on the path of real wages during inflationary … periods. We argue that workers must take costly actions ("conflict") to have nominal wages catch up with inflation, meaning … there are welfare costs even if real wages do not fall as inflation rises. We study a menu-cost style model, where workers …

panel data to estimate the textbook 'expectations augmented' Phillips curve with a market-based and observable measure of … inflation expectations. We develop this measure using assumptions common in economic analysis of open economies. Using quarterly …

inflation in the 2020s. Economic slack is measured as firms' job vacancies over the number of unemployed workers. After showing …. Policy implications include the thesis that appropriate monetary policy can bring inflation down without a significant …

the evidence in favour a nonlinear Phillips curve may is fact be driven by improperly controlling for inflation …

We show that, in a broad class of menu cost models, the dynamics of aggregate inflation in response to arbitrary shocks …