Kiel Working Paper Collection No. 2

The Phillips Curve and the Natural Rate of Unemployment

All papers were presented at the Symposium on “The Phillips Curve and the Natural Rate of Unemployment”, Kiel Institute for the World Economy, 3-4 June 2007

Annika Alexius and Bertil Holmlund
Monetary Policy and Swedish Unemployment Fluctuations

Luis J. Alvarez
What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?

Torben M. Andersen and Martin Seneca
Labour Market Asymmetries in a Monetary Union

Guido Ascari and Christian Merkl
Real Wage Rigidities and the Cost of Disinflations: A Comment on Blanchard and Galí

Guido Ascari and Tiziano Ropele
Trend Inflation, Taylor Principle and Indeterminacy

Samuel Bentolila, Juan J. Dolado and Juan F. Jimeno
Does Immigration Affect the Phillips Curve? Some Evidence for Spain

Aleksander Berentsen, Guido Menzio and Randall Wright
Inflation and Unemployment in the Long Run

Olivier Blanchard and Jordi Gali
A New Keynesian Model with Unemployment

Nikola Bokan and Andrew Hughes Hallett
The Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment

Matteo Ciccarelli and Benoît Mojon
Global Inflation

Alex Cukierman and Alberto Dalmazzo
Fiscal Policy, Labor Unions, Competitiveness and Monetary Institutions: Their Long Run Impact on Unemployment, Inflation and Welfare

Fabien Curto Millet
Inflation Expectations, the Phillips Curve and Monetary Policy

Leif Danziger
Adjustment Costs, Inventories and Output

George Evans, Eran Guse and Seppo Honkapohja
Liquidity Traps, Learning and Stagnation

Ray C. Fair
Testing Price Equations

Ernst Fehr and Lorenz Goette
Robustness and Real Consequences of Nominal Wage Rigidity

Bernd Fitzenberger, Wolfgang Franz and Oliver Bode
The Phillips Curve and NAIRU Revisited: New Estimates for Germany

Marvin Goodfriend
International Adjustment in the New Neoclassical Synthesis

Liam Graham and Dennis J. Snower
Hyperbolic Discounting and the Phillips Curve

Hian Teck Hoon and Kong Weng Ho
Distance to Frontier and the Big Swings of the Unemployment Rate: What Room is Left for Monetary Policy?

Kevin X.D. Huang and Qinglai Meng
Is Forward-looking Inflation Targeting Destabilizing? The Role of Policy's Response to Current Output Under Endogenous Investment

Marika Karanassou and Dennis Snower
Inflation Persistence and the Philips Curve Revisited

Marika Karanassou, Hector Sala and Dennis J. Snower
The Evolution of Inflation and Unemployment: Explaining the Roaring Nineties

Tatiana Kirsanova, Sven Jari Stehn, David Vines and Simon Wren-Lewis
When Inflation Persistence Really Matters: Two Examples

Jerzy Konieczny and Fabio Rumler
Regular Adjustment. Theory and Evidence

Michael U. Krause, David J. Lopez-Salido and Thomas Lubik
Do Search Frictions Matter for Inflation Dynamics?

Jürgen Kromphardt and Camille Logeay
Changes in the Balance of Power Between the Wage and Price Setters and the Central Bank: Consequences for the Phillips Curve and the NAIRU

Andrew T. Levin, J. David Lopez-Salido and Tack Yun
Strategic Complementarities and Optimal Monetary Policy

Daniel Levy, Haipeng (Allan) Chen, Sourav Ray and Mark Bergen
Asymmetric Price Adjustment in the Small

Zheng Liu, Daniel F. Waggoner and Tao Zha
Expectation Effects of Regimes Shifts in Monetary Policy

Richard Mash
Endogenous Indexing and Monetary Policy Models

Andrew McCallum and Frank Smets
Real Wages and Monetary Policy Transmission in the Euro Area

Bennett T. McCallum
Basic Calvo and P-Bar Models of Price Adjustment: A Compariso

Federico Ravenna and Carl E. Walsh
Vacancies, Unemployment, and the Phillips Curve

Assaf Razin and Alon Binyamini
Flattening of the Short-run Trade-off between Inflation and Domestic Activity: The Analytics of the Effects of Globalization

Ricardo Reis and Mark W. Watson
Measuring Changes in the Value of the Numeraire

John M. Roberts
Learning, Sticky Inflation, and the Sacrifice Ratio

Ron Smith, M. Hashem Pesaran
Monetary Policy Transmission and the Phillips Curve in a Global Context

Ron Smith and Gylfi Zoega
Global Factors, Unemployment Adjustment and the Natural Rate

Tommy Sveen and Lutz Weinke
Inflation Dynamics and Labor Market Dynamics Revisited

Mathias Trabandt
Sticky Information vs. Sticky Prices: A Horse Race in a DSGE Framework