Increasing returns to scale and the long-run Phillips curve

Andrea Vaona; Dennis Snower

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation between inflation and output. -- Phillips curve ; Inflation ; Increasing returns ; nominal inertia ; monetary policy

Year of publication:	2007
Other Persons:	Vaona, Andrea (contributor) ; Snower, Dennis J. (contributor)
Publisher:	Pavia
Subject:	Phillips-Kurve \| Phillips curve \| Skalenertrag \| Returns to scale \| Theorie \| Theory \| Neoklassische Synthese \| Neoclassical synthesis

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