| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3720 |
| DP3720 Formula Approaches for Market Access Negotiations | |
| Joseph Francois; Will Martin | |
| 发表日期 | 2003-01-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper offers a reappraisal of the inflation-unemployment tradeoff, based on 'frictional growth', describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the price adjustments to each successive change in the money supply are never able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and these shocks also generate plausible impulse responses for unemployment. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. |
| 主题 | Labour Economics ; Public Economics |
| 关键词 | inflation Unemployment Phillips curve Nominal inertia Wage-price staggering monetary policy Business cycles Forward-looking expectation |
| URL | https://cepr.org/publications/dp3720 |
| 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/532695 |
| 推荐引用方式 GB/T 7714 | Joseph Francois,Will Martin. DP3720 Formula Approaches for Market Access Negotiations. 2003. |
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