The return of the long-run Phillips curve

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CEPR Discussion Paper Series ; No. 3691

Klassifikation und Themen

• 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
• Thema: Phillips-Kurve ; Mikroökonomische Fundierung

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Graham, Liam ; Snower, Dennis J.
• Ereignis: Veröffentlichung
• (wer): Centre for Economic Policy Research (CEPR)
• (wo): London
• (wann): 2003

Weitere Informationen

• Handle: http://hdl.handle.net/10419/2960
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ