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| Title: | | The return of the long-run Phillips curve  |
| Authors: | | Graham, Liam Snower, Dennis J. |
| Issue Date: | | 2003 |
| Series/Report no.: | | CEPR Discussion paper series / Centre for Economic Policy Research 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 Economists Online
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