Increasing returns to scale and the long-run Phillips curve

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.

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Year of publication:	2006
Authors:	Vaona, Andrea ; Snower, Dennis J.
Publisher:	Kiel : Kiel Institute for the World Economy (IfW)
Subject:	Phillips-Kurve \| Skalenertrag \| Ungleichgewichtstheorie \| Theorie \| Inflation \| Increasing returns \| Nominal inertia \| Monetary policy \| Phillips curve

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Series:	Kiel Working Paper ; 1277
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	512059861 [GVK] hdl:10419/3818 [Handle] RePEc:zbw:ifwkwp:1277 [RePEc]
Classification:	E3 - Prices, Business Fluctuations, and Cycles ; E20 - Consumption, Saving, Production, Employment, and Investment. General ; E40 - Money and Interest Rates. General ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10010273150