Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/2960
Authors: 
Graham, Liam
Snower, Dennis J.
Year of Publication: 
2003
Series/Report no.: 
CEPR Discussion Paper Series, Centre for Economic Policy Research (CEPR), London 3691
Abstract: 
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.
JEL: 
E20
E30
E40
E50
Document Type: 
Working Paper

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