precommit. This implies that a variation of the policy maker's degree of inflation aversion does not have a systematic effect on … maker's inflation aversion may have a systematic effect on equilibrium employment even if agents have rational expectations …

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 …

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 …

much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … not recorded by official inflation statistics. We do not find evidence in support of this hypothesis. …

much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … official inflation statistics. We do not find evidence in support of this hypothesis. …

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 …

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 …