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Author | : Pierpaolo Benigno |
Publisher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2009-03-01 |
Genre | : Business & Economics |
ISBN | : 1451871813 |
Download The Inflation-Unemployment Trade-off at Low Inflation Book in PDF, ePub and Kindle
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
Author | : |
Publisher | : International Monetary Fund |
Total Pages | : |
Release | : 2008 |
Genre | : Inflation (Finance) |
ISBN | : |
Download The Inflation- Unemployment Trade-off at Low Inflation Book in PDF, ePub and Kindle
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
Author | : Pierpaolo Benigno |
Publisher | : |
Total Pages | : 39 |
Release | : 2008 |
Genre | : Inflation (Finance) |
ISBN | : |
Download The Inflation-employment Trade-off at Low Inflation Book in PDF, ePub and Kindle
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, nominal wages tend to be endogenously rigid also upward, at low inflation. Second, a closed-form solution for a long run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Third, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
Author | : Samuel A. Morley |
Publisher | : |
Total Pages | : 214 |
Release | : 1979 |
Genre | : Business & Economics |
ISBN | : 9780030410161 |
Download Inflation and Unemployment Book in PDF, ePub and Kindle
Author | : Pierpaolo Benigno |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : Electronic books |
ISBN | : |
Download IMF Working Papers Book in PDF, ePub and Kindle
Author | : Bruno Jossa |
Publisher | : Edward Elgar Publishing |
Total Pages | : 184 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : |
Download Inflation, Unemployment and Money Book in PDF, ePub and Kindle
This comprehensive book presents an original reconstruction of the different interpretations of the Phillips curve. The authors demonstrate through an in-depth analysis how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post Keynesian literature. In the first part of the book the authors focus on the origins of the Phillips curve and they critically analyse Richard Lipsey's interpretation and approach to the Phillips curve. They then explore the neoclassical and monetarist interpretation, paying special attention to the evolution of monetarism and the Keynesian critique of this approach. The Kaleckian, Keynesian and Marxist interpretations of the Phillips trade-off are then presented. Here the authors show how the relationship between inflation, unemployment and money described in these approaches accurately reflects the fundamental features of today's capitalist economies. In the final section a new Phillips curve is constructed, taking into account the non-accelerating inflation rate of unemployment and the hysteresis of it. Inflation, Unemployment and Money will be of interest to macroeconomists, post Keynesians and monetary and financial economists.
Author | : John Christopher Donovan |
Publisher | : |
Total Pages | : 78 |
Release | : 2001 |
Genre | : Cointegration |
ISBN | : |
Download The Inflation-unemployment Trade-off in the United States Revisited Book in PDF, ePub and Kindle
Author | : Robert Leeson |
Publisher | : |
Total Pages | : 64 |
Release | : 1995 |
Genre | : Business cycles |
ISBN | : |
Download The Political Economy of the Inflation-unemployment Trade-off Book in PDF, ePub and Kindle
Author | : Robert M. Solow |
Publisher | : MIT Press |
Total Pages | : 140 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : 9780262692229 |
Download Inflation, Unemployment, and Monetary Policy Book in PDF, ePub and Kindle
Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
Author | : Anthony M. Santomero |
Publisher | : |
Total Pages | : |
Release | : 1977 |
Genre | : |
ISBN | : |
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