) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of … the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical …-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment …

productivity growth particularly for the US. We conclude that a better understanding of the inflation-unemployment tradeoff …This paper seeks to understand dynamics of inflation and marginal cost (labor share) in models that account for the … inclusion of productivity shocks in standard New Keynesian Phillips Curve (NKPC). The question of interest is on the empirical …

' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the …

of slow productivity growth and high unemployment in industrial countries. We show that introducing nominal price … inflation is relatively high, as was the case in the 1970s. In general, the sign of the effect of growth on unemployment is … shown to depend on the level of steady-state inflation. There is a threshold level of inflation below (above) which faster …

rate of inflation is relatively high, as was the case in the 1970s. In general, the effect of growth on unemployment is … shown to be non-monotonic. There is a threshold level of inflation below (above) which faster growth leads to higher (lower …

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output … growth, giving support to Phillips' Golden Triangle theory. -- Employment Growth ; Inflation ; Output Growth ; Golden …

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output …

productivity growth and high unemplyoment. Subsequent research has shown that the standard model of unemployment actually gives … counterfactual predictions. Motivated by the observation that the 1970s were also characterized by high and rising inflation … the rate of inflation is high enough. There is a threshold level of inflation below which faster growth leads to higher …

current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model … Taylor-rule-type interest rate law of motion. Through instrumental variables GMM system estimation with aggregate time series … correction terms, and indirectly of income distribution, in the dynamics of wage and price inflation in the U.S. and the euro …

the Phillips curve over time. We consider different specifications and different measures for inflation. Furthermore, we … include stochastic volatility for the observation errors. Our estimation results are based on practical Bayesian state space ….S. headline inflation has remained empirically relevant over the years. …