money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal …

marginal costs with respect to output and thus help to account for the observed inertia in inflation …

This paper integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. The … for inflation dynamics: under right-to-manage, the real wage rigidity also results in smaller fluctuations of inflation …. These findings are consistent with recent evidence suggesting that real wages and inflation only vary by a moderate amount …

money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal …

This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting …

and most households gain if the central bank accommodates an employment recovery at the cost of higher inflation. …

costly nominal wage adjustment into the modern theory of frictional labor markets to study optimal fiscal and monetary policy …. Our main result is that the optimal rate of price inflation is highly volatile over time despite the presence of sticky …

Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses …-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change … the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of …