NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Inflation-Unemployment Trade-Off at Low Inflation

Pierpaolo Benigno, Luca Antonio Ricci

NBER Working Paper No. 13986
Issued in May 2008

---- Acknowledgements -----

We are grateful to conference and seminar participants at CEPR-ESSIM, NBER Monetary Economics Summer Institute, Graduate Institute of International and Development Studies, Universitá di Tor Vergata, Universitá Cattolica di Piacenza, the conference on “Macroeconomics Policies and Labour Market Institutions,” held at the Universitá Milano-Bicocca, the conference on “New Perspective on Monetary Policy Design,” organized by the Bank of Canada and CREI, the workshop on Monetary Policy organized by the Bank of Spain, as well as Guido Ascari, Florin Bilbiie, Michael Dotsey, Giancarlo Gandolfo, Eva Ortega and Alberto Petrucci for helpful suggestions, Mary Yang and Hermes Morgavi for excellent research assistance, and Thomas Walter for editorial assistance. The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, its management, or the National Bureau of Economic Research.

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