Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/4105 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 2900
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a phenomenon arising from the interplay between growth and frictions. In particular, we examine the interaction between money growth (on the one hand) and various real and nominal frictions (on the other). In this context we show that monetary policy has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We evaluate this tradeoff empirically and assess the impact of productivity, money growth, budget deficit, and trade deficit on the US unemployment and inflation trajectories during the nineties.
Schlagwörter: 
Unemployment dynamics
Phillips curve
Roaring nineties
Inflation dynamics
JEL: 
E24
E31
E51
E62
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
430.51 kB





Publikationen in EconStor sind urheberrechtlich geschützt.