Calvo, Guillermo; Coricelli, Fabrizio; Otonello, Pablo - Banco Central de Chile - 2013
This paper discusses three policy tools to mitigate jobless recoveries during financial crises: inflation, real … of inflation is sizably lower real wages. Hence, inflation does not prevent wage earners as a whole from getting hit by …/nontradables), from output peak to recovery point, displays a statistically significant relationship with inflation or jobless recovery …