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dc.contributor.authorKaranassou, Marikaen_US
dc.contributor.authorSala, Héctoren_US
dc.contributor.authorSnower, Dennis J.en_US
dc.date.accessioned2009-01-28T14:29:42Z-
dc.date.available2009-01-28T14:29:42Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/3096-
dc.description.abstractThis paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results suggest that the tradeoff is far from vertical. We also find that wage persistence plays a larger role than price persistence in generating the tradeoff, but that the two forms of persistence are complementary in giving monetary policy its long-run real effects. Our results call for a reassessment of the European macroeconomic experience.-
dc.language.isoengen_US
dc.publisherCentre for Economic Policy Research London-
dc.relation.ispartofseriesCEPR Discussion Paper Series, Centre for Economic Policy Research (CEPR), London 4102-
dc.subject.jelE2-
dc.subject.jelE3-
dc.subject.jelE4-
dc.subject.jelE5-
dc.subject.jelJ3-
dc.subject.ddc330-
dc.subject.stwPhillips-Kurveen_US
dc.subject.stwNatürliche Arbeitslosigkeiten_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleThe European Phillips curve: Does the NAIRU exist?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn375348581en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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