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dc.contributor.authorKaranassou, Marikaen
dc.contributor.authorSala, Héctoren
dc.contributor.authorSnower, Dennis J.en
dc.date.accessioned2009-01-28T14:29:42Z-
dc.date.available2009-01-28T14:29:42Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/3096-
dc.description.abstractThis paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results suggest that the tradeoff is far from vertical. We also find that wage persistence plays a larger role than price persistence in generating the tradeoff, but that the two forms of persistence are complementary in giving monetary policy its long-run real effects. Our results call for a reassessment of the European macroeconomic experience.en
dc.language.isoengen
dc.publisher|aCentre for Economic Policy Research (CEPR) |cLondonen
dc.relation.ispartofseries|aCEPR Discussion Paper Series |x4102en
dc.subject.jelE2en
dc.subject.jelE3en
dc.subject.jelE4en
dc.subject.jelE5en
dc.subject.jelJ3en
dc.subject.ddc330en
dc.subject.stwPhillips-Kurveen
dc.subject.stwNatürliche Arbeitslosigkeiten
dc.subject.stwGeldpolitiken
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwSchätzungen
dc.subject.stwEU-Staatenen
dc.titleThe European Phillips curve: Does the NAIRU exist?-
dc.typeWorking Paperen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.printppn375348581en

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