Is there a trade-off between inflation and output stabilization?
Not in an estimated DSGE model of the US economy, once we account for the fact that most of the high-frequency volatility in wages appears to be due to noise, rather than to variation in workers' preferences or market power.
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Copy CitationAlejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti, "Is there a trade-off between inflation and output stabilization?," NBER Working Paper 17071 (2011), https://doi.org/10.3386/w17071.
Published Versions
Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "Is There a Trade-Off between Inflation and Output Stabilization?," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(2), pages 1-31, April. citation courtesy of 
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