The Inflation-Unemployment Trade-off at Low Inflation

The Inflation-Unemployment Trade-off at Low Inflation
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation... READ MORE...

Publication date: March 2009
ISBN 9781451871814
$18.00

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