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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/4032| Title: | The evolution of inflation and unemployment: Explaining the roaring nineties |
| Keywords: | E31 E51 E24 E62 ddc:330 Inflation dynamics Unemployment dynamics Phillips curve Roaring nineties Phillips-Kurve New-Keynesian Phillips Curve Theorie der Arbeitslosigkeit Wirtschaftswachstum Schätzung USA |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | This paper argues that there is a nonzero inflation-unemployment tradeoff in the long-run due to frictional growth, a phenomenon that encapsulates the interplay of nominal staggering and money growth. The existence of a downward-sloping long-run Phillips curve suggests the development of a holistic framework that can jointly explain the evolution of inflation and unemployment. Hence, we estimate an interactive dynamics model for the US that includes wage-price setting and labour market equations. We then evaluate the inflation-unemployment tradeoff and assess the impact of productivity, money growth, budget deficit, and trade deficit on the unemployment and inflation trajectories during the nineties. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/4032 |
| Other Identifiers: | http://hdl.handle.net/10419/4032 ppn:534972977 |
| Appears in Collections: | EconStor |
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