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The inflation-unemployment trade-off at low inflation
Benigno, Pierpaolo (Avtor), Ricci, Luca Antonio (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.imf.org/external/pubs/ft/wp/2009/wp0934.pdf Povezava se odpre v novem oknu

Izvleček
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 rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.

Jezik:Angleški jezik
Ključne besede:trg delovne sile, zaposlovanje, brezposelnost, inflacija, plače, cena, ekonomski modeli, labour market, employment, unemployment, inflation, salaries, price, economic models
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2009
Založnik:International Monetary Fund, Research Deptartment
Št. strani:44 str.
Kraj:[Washington (D.C.)]
UDK:339.7
COBISS.SI-ID:19264486 Povezava se odpre v novem oknu
Število ogledov:597
Število prenosov:241
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