money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal … monetary growth rate decreases with the workers’ bargaining power, the level of unemployment benefits and the payroll tax rate. …

money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal …. -- inflation ; unemployment ; search-matching ; Friedman rule … monetary growth rate decreases with the workers' bargaining power, the level of unemployment benefits and the payroll tax rate …

1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …

1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …

money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal … monetary growth rate decreases with the workers' bargaining power, the level of unemployment benefits and the payroll tax rate …

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

rate policy helps to reconcile the inflation and output persistence with empirical observations for the US economy. We show … findings for the inflation inertia in a model with capital adjustment costs and variable capacity utilization, the output …

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 … matching frictions and bargaining over real wages and hours of work. Search frictions generate unemployment in equilibrium … for inflation dynamics: under right-to-manage, the real wage rigidity also results in smaller fluctuations of inflation …