Keynesian assumption ofprice rigidity and show that the response of inflation to the output gap tends to be significant only if … the inflation rate tends to be relatively high and exceeds a certain threshold. For a low inflation rate, the price … during which the elasticity of inflation rate to an excess demand has become highly important and the inflation rate …

achieved by maximization of utility subject to budget constraint. An increase in inflation that is not accompanied by … about inflation which in turn requires appropriate modelling of inflationary behavior. This study assesses efficacies of … different versions of new Keynesian Phillips curve for capturing dynamics of CPI inflation. Estimation of different formulations …

, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks … 1999-2019, when the Federal Funds Rate and the Euro-Dollar exchange rate are added to the VAR model inflation shows … significant unemployment inflation trade-off emerges. These conclusions are confirmed by using industrial production instead of …