| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2760
|
| DP2760 The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence |
| Antonio Fatas; Ilian Mihov
|
| 发表日期 | 2001-04-24
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | The Paper looks for evidence of grease and sand effects in Europe, in particular the possibility that the natural rate of unemployment is affected by the inflation rate. Looking at four countries, France, Germany, the Netherlands and Switzerland, the Paper reports some preliminary evidence that the long-run rate of unemployment is a non-linear function of inflation. The particular shape of the empirical relationship supports the view that a moderate level of inflation provides some ?grease? to the price and wage setting process. In particular, the long-run rate of unemployment is found to reach a maximum of between 0.5% and 1%, and to decline quickly for higher rates of inflation. For the range of inflation rates observed in the sample countries, there is no evidence of sand effects, that uncertainty associated with inflation adversely affect the long-run rate of unemployment. |
| 主题 | International Macroeconomics
|
| 关键词 | Natural rate of unemployment
inflation
|
| URL | https://cepr.org/publications/dp2760
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531820
|
推荐引用方式
GB/T 7714 |
Antonio Fatas,Ilian Mihov. DP2760 The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence. 2001.
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