أعرض تسجيلة المادة بشكل مبسط

dc.creator Karanassou, Marika
dc.creator Snower, Dennis J.
dc.date 2007
dc.date.accessioned 2013-10-16T06:15:22Z
dc.date.available 2013-10-16T06:15:22Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/4067
dc.identifier ppn:543739708
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/4067
dc.description A major criticism against staggered nominal contracts is that they give rise to the so called persistency puzzle - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this persistency puzzle is highly misleading, relying on the exogeneity of the forcing variable (e.g. output gap, marginal costs, unemployment rate) and the assumption of a zero discount rate. We show that when the discount rate is positive in a general equilibrium setting (in which real variables not only affect inflation, but are also influenced by it), standard wage-price staggering models can generate both substantial inflation persistence and a nonzero inflation-unemployment tradeoff in the long-run. This is due to frictional growth, a phenomenon that captures the interplay of nominal staggering and permanent monetary changes. We also show that the cumulative amount of inflation undershooting is associated with a downward-sloping NPC in the long-run.
dc.language eng
dc.publisher Forschungsinstitut zur Zukunft der Arbeit, Bonn
dc.relation IZA Discussion paper series 2600
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E31
dc.subject E42
dc.subject E63
dc.subject E32
dc.subject ddc:330
dc.subject Inflation dynamics
dc.subject Persistence
dc.subject Wage-price staggering
dc.subject New Phillips curve
dc.subject Monetary policy
dc.subject Frictional growth
dc.subject Inflation
dc.subject Hysteresis
dc.subject New-Keynesian Phillips Curve
dc.subject Preisrigidität
dc.subject Lohnrigidität
dc.subject Theorie
dc.title Inflation persistence and the Phillips curve revisited
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط