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Increasing returns to scale and the long-run Phillips curve

A growing body of empirical evidence shows that there exists a long-run positive trade-off between inflation and real macroeconomic activity. Within a New Keynesian framework, we examine how increasing returns generate a positive long-run relation between inflation and output.
Year of publication:
2008
Authors: Vaona, Andrea ; Snower, Dennis
Published in:
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 100.2008, 1, p. 83-86
Publisher: Elsevier
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10005275621
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