Karanassou, Marika; Sala, Hector; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2006
The conventional wisdom that inflation and unemployment are unrelated in the long-run implies that these phenomena can … be analysed by separate branches of economics. The macro literature tries to explain inflation dynamics and estimates the … long-run and that it cannot generate substantial inflation persistence relies on the implausible assumption of a zero …
