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

Arbeitspapier

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 theoretical models of this phenomenon, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation-unemployment trade-off for Spain and examine how recent policy changes have affected it.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CEPR Discussion Paper Series ; No. 3690

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 ; Wages, Compensation, and Labor Costs: General
• Thema: Phillips-Kurve ; Geldmengensteuerung ; Spanien

Beteiligte, Orts- und Zeitangaben

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

Weitere Informationen

• Handle: http://hdl.handle.net/10419/2909
• Letzte Aktualisierung: 12.07.2024, 13:20 MESZ