Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152846
Authors: 
Graham, Liam
Snower, Dennis J.
Year of Publication: 
2004
Series/Report no.: 
ECB Working Paper 412
Abstract: 
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off, and show that it remains even when the contract length is endogenised.
Subjects: 
inflation
nominal inertia
Phillips curve
Unemployment
JEL: 
E20
E40
E50
Document Type: 
Working Paper

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