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Title:Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy PDF Logo
Authors:Karanassou, Marika
Sala, Héctor
Snower, Dennis J.
Issue Date:2007
Series/Report no.:Kiel Working Papers 1326
Abstract:This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth", i.e. the interaction between money growth and nominal frictions. After presenting a theoretical model of this phenomenon, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation-unemployment tradeoff for Spain and examine how recent policy changes have affected it.
Subjects:Inflation-unemployment tradeoff
Phillips curve
Staggered wage contracts
Nominal inertia
Forward-looking expectations
Monetary policy
JEL:E2
E3
E5
J3
E4
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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