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Autoren: 
Karanassou, Marika
Sala, Hector
Snower, Dennis J.
Datum: 
2007
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1326
Zusammenfassung: 
This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth", i.e. the interaction between money growth and nominal frictions. After presenting a theoretical model of this phenomenon, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation-unemployment tradeoff for Spain and examine how recent policy changes have affected it.
Schlagwörter: 
Phillips curve
Staggered wage contracts
Nominal inertia
Forward-looking expectations
Monetary policy
Inflation-unemployment tradeoff
JEL: 
E2
E3
E5
J3
E4
Dokumentart: 
Working Paper

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