in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … information benchmark. This provides a partial but unified explanation for the inflation of the seventies and the price stability …, during and following periods of large changes in potential output, the IP significantly affects the dynamics of inflation and …

features, such as the degree of centralization of wage bargaining, labour unions' inflation aversion and the degree of … monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of …

, or of central bank conservativeness are associated with lower unemployment and inflation. However the forward shifting of … by governments concerned with the costs of inflation and unemployment, as well as with redistribution to particular …

inflation. The labour market is characterized by the degree of centralization of bargaining and by the degree of trade unions …’ inflation aversion. The latter leads each union to moderate its wage demands in order to induce the Central Bank (CB) to inflate …) triggers two opposite effects on real wages, unemployment and inflation. The decrease in the number of unions reduces the …

in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … information benchmark. This provides a partial but unified explanation for the inflation of the seventies and the price stability …, during and following periods of large changes in potential output, the IP significantly affects the dynamics of inflation and …

effects of policy on inflation, and of the feedback from inflationary expectations to policy choices. Cukierman uncovers and … analyzes the reasons for positive inflation and rates of monetary expansion. He shows that the money supply, and therefore … inflation, are not exogenous. They are influenced by interactions involving distributional considerations, private information …

wage, unemployment and inflation. This is done by considering a two-stage strategic interaction between a central bank (CB … wages of other unions and the reaction-function of the CB as given. In the second stage the CB picks inflation so as to … minimize the combined costs of inflation and unemployment, taking union's wage rates as given. Since unions are averse to …

in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … ndings provide a partial explanation for the inflation of the seventies and the price stability of the nineties. 3. A … during and following periods of large changes in potential output the IP significantly affects the dynamics of inflation and …