| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4089 |
| DP4089 Credible Vertical Preemption | |
| Ralph Siebert | |
| 发表日期 | 2003-10-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This 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. |
| 主题 | Labour Economics |
| 关键词 | inflation Unemployment Phillips curve Nominal inertia monetary policy Business cycles Forward-looking expectations Homogeneous dynamic panels Panel unit root tests |
| URL | https://cepr.org/publications/dp4089 |
| 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/533065 |
| 推荐引用方式 GB/T 7714 | Ralph Siebert. DP4089 Credible Vertical Preemption. 2003. |
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