Chen, Tao; Gentle, Paul F. - In: Economia Internazionale / International Economics 64 (2011) 2, pp. 153-171
This article argues that any empirical study on the inflation-unemployment trade-off requires the inclusion of the real interest rate in the model as any changes in the interest rate affects the capital used by the firms and thus leads to an effect on the level of employment in the economy. To...
