Arbeitspapier
The return of the long-run Phillips curve
This Paper integrates microfoundations of wage staggering into a simple dynamic general equilibrium model with rational expectations. In this context we show that a permanent increase in money growth leads to a permanent increase in the rate of inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downwardsloping Phillips curve.
- Sprache
-
Englisch
- Erschienen in
-
Series: CEPR Discussion Paper Series ; No. 3691
Klassifikation
Wirtschaft
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Money and Interest Rates: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Money and Interest Rates: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Thema
Phillips-Kurve
Mikroökonomische Fundierung
Mikroökonomische Fundierung
Ereignis
Geistige Schöpfung
(wer)
Graham, Liam
Snower, Dennis J.
Snower, Dennis J.
Ereignis
Veröffentlichung
(wer)
Centre for Economic Policy Research (CEPR)
(wo)
London
(wann)
2003
- Handle
- Letzte Aktualisierung
-
12.07.2024, 13:21 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Graham, Liam
- Snower, Dennis J.
- Centre for Economic Policy Research (CEPR)
Entstanden
- 2003
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