Monetary Policy, Inflation and Unemployment Dynamics: Theory and Empirics

Dear Colleagues,

This Topical Collection welcomes contributions on the dynamic interactions among monetary policy, inflation and unemployment. The contributions may concern both theoretical and applied issues.

As far as monetary policy is concerned, in the most recent decade, zero lower bound on interest rates and the deepness of the economic and financial crises have stimulated the adoption of unconventional monetary policies by central banks. Therefore, we are especially interested in research oriented towards the identification of monetary policy disturbances in this new economic context, and towards studying the dynamic responses of inflation and unemployment, by using structural VAR models and other multivariate time-series techniques. The responses of inflation and unemployment to changes in monetary policy and other macroeconomic shocks also relate to the old-but-still-timely theme of the Phillips curve. Although the short-term inverse relationship between these two variables seems to periodically disappear in industrialized countries, it remains a building block of the majority of business-cycle models. Moreover, one branch of the literature has also investigated the possibility of long-term effects induced by economic recessions on the unemployment rate, that is, on the hysteresis in unemployment. Hence, another important question that may be worth investigating concerns the possible long-term effects exerted on the unemployment rate by the Great Recession and/or by the more recent collapse of the world economy induced by the COVID-19 pandemic.

The aim is to provide contributions that offer new evidence and insights into such issues. This Topical Collection will be published in printed book format if more than seven papers are accepted for publication.

Prof. Dr. Antonio Ribba
Guest Editor

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