that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation …

Inflation dynamics, as well as its interaction with unemployment, have been puzzling since the Global Financial Crisis … forecast scenarios. We show that financial and external variables have the highest forecasting power for inflation and … unemployment, post-GFC …

role of labor costs and import prices in determining price inflation …This paper examines some of the factors that have been influential in keeping inflation low in the United States during … import prices, a slowdown in the growth of nonwage labor compensation, and a decline in labor costs. We also reassess the …

Low rates of inflation have been recorded in recent years, despite a decline in the unemployment rate. This phenomenon … explain the recent behavior of inflation. A leading explanation for recent inflation performance appears to be favorable price …

guarantee the equilibrium in the labor market. The positive long-run co-movement between unemployment and infl ation volatility …This paper builds up a simple New Keynesian model and revisits the relationship between unemployment and in ation in … the long-run. It finds that when the labor market is affected by downward nominal wage rigidity, this relationship goes …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …