The return of the long-run Phillips curve

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.

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Year of publication:	2003
Authors:	Graham, Liam ; Snower, Dennis J.
Publisher:	London : Centre for Economic Policy Research (CEPR)
Subject:	Phillips-Kurve \| Mikroökonomische Fundierung

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Series:	CEPR Discussion Paper Series ; 3691
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	hdl:10419/2960 [Handle]
Classification:	E20 - Consumption, Saving, Production, Employment, and Investment. General ; E30 - Prices, Business Fluctuations, and Cycles. 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/10010332694