A lukewarm yes from Cecchetti and al. who find that inflation changes by less than 0.1 percentage-point when the unemployment rate changes by 1 per percent.
Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics Authors: Stephen G. Cecchetti, Michael E. Feroli, Peter Hooper, Anil K Kashyap, Hermit L. Schoenholtz
From: USMPF University of Chicago
