Arbeitspapier

Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth," i.e. the interaction between money growth and nominal frictions. After presenting a theoretical model of this phenomenon, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation-unemployment tradeoff for Spain and examine how recent policy changes have affected it.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 477

Klassifikation
Wirtschaft
Thema
Inflation-unemployment tradeoff
Phillips curve
staggered wage contracts
nominal inertia
forward-looking expectations
monetary policy
Unit Root Test
Strukturbruch
Monte-Carlo-Methode
Phillips-Kurve
Geldmengensteuerung
Spanien

Ereignis
Geistige Schöpfung
(wer)
Karanassou, Marika
Sala, Héctor
Snower, Dennis J.
Ereignis
Veröffentlichung
(wer)
Queen Mary University of London, Department of Economics
(wo)
London
(wann)
2002

Handle
Letzte Aktualisierung
20.09.2024, 08:22 MESZ

Objekttyp

  • Arbeitspapier

Beteiligte

  • Karanassou, Marika
  • Sala, Héctor
  • Snower, Dennis J.
  • Queen Mary University of London, Department of Economics

Entstanden

  • 2002

Ähnliche Objekte (12)