We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low - often extremely low - response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

In this paper, the empirical analysis finds that the dynamics of inflation and unemployment can be described by a … Phillips curve when allowing for a positive co-movement between trend-adjusted productivity and unemployment. This suggests …. Furthermore, the natural rate of unemployment is a function of the long-term interest rate, indicating that monetary policy is not …

The authors derive an estimate of the Federal Reserve's assessment of the natural rate of unemployment in real time … about the natural rate of unemployment from the dynamics of inflation, aggregate demand, and the functioning of the labor … that would have been achieved by using a different estimate of the natural rate of unemployment is typically small. …