1 Do We Know How Low Should Inflation Be? Charles Wyplosz Abstract: The paper looks for evidence of grease and sand effects in Europe, in particular the possibility that the natural rate of unemployment is affected in th

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• Macroeconomics
• Phillips curve
• NAIRU
• Natural rate of unemployment
• Monetary inflation
• Hysteresis
• Monetary policy
• Real interest rate
• Central bank
• Economics
• Inflation
• Unemployment