Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/3096
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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 thathighlight two channels whereby monetary shocks have permanent real effectsand the interactions between these channels. Second, it presents an empiricaldynamic model, covering a panel of EU countries, and derives the impliedlong-run inflation-unemployment tradeoff. Our results suggest that the tradeoffis far from vertical. We also find that wage persistence plays a larger role thanprice persistence in generating the tradeoff, but that the two forms ofpersistence are complementary in giving monetary policy its long-run realeffects. Our results call for a reassessment of the European macroeconomicexperience.-
dc.language.isoengen_US
dc.publisher|aCentre for Economic Policy Research |cLondon-
dc.relation.ispartofseries|aCEPR Discussion Paper Series, Centre for Economic Policy Research (CEPR), London |x4102-
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.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.printppn375348581en_US

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