Please use this identifier to cite or link to this item:
http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3051| Title: | The European Phillips curve : does the NAIRU exist? |
| Keywords: | E3 E5 J3 E2 E4 ddc:330 Phillips curve , nominal inertia , monetary policy , business cycles , forward-looking expectations , homogeneous dynamic panels Phillips-Kurve Natürliche Arbeitslosigkeit Geldpolitik Transmissionsmechanismus Schätzung EU-Staaten |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Forschungsinstitut zur Zukunft der Arbeit, Bonn |
| Description: | 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3051 |
| Other Identifiers: | IZA discussion papers Forschungsinstitut zur Zukunft der Arbeit, Bonn 876 http://hdl.handle.net/10419/3051 ppn:371069505 ppn:371069505 |
| Appears in Collections: | EconStor |
Files in This Item:
There are no files associated with this item.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.