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Title:The return of the long-run Phillips curve PDF Logo
Authors:Graham, Liam
Snower, Dennis J.
Issue Date: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
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW

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