Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/2905 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 636
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth? describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the price adjustments to each successive change in the money supply are never able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflationunemployment tradeoff.
Schlagwörter: 
unemployment
Phillips curve
nominal inertia
wage-price staggering
monetary policy
business cycles
forward-looking expectations
inflation
JEL: 
E5
J3
E2
E3
E4
Dokumentart: 
Working Paper

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