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Record Nr. |
UNINA9910463609803321 |
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Autore |
Benigno Pierpaolo |
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Titolo |
The inflation-unemployment trade-off at low inflation [[electronic resource] /] / prepared by Pierpaolo Benigno and Luca Antonio Ricci |
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Pubbl/distr/stampa |
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[Washington D.C.], : International Monetary Fund, 2009 |
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ISBN |
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1-4623-6688-0 |
1-4527-5915-4 |
1-282-84256-0 |
1-4518-7181-3 |
9786612842566 |
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Descrizione fisica |
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1 online resource (48 p.) |
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Collana |
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IMF working paper ; ; WP/09/34 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Unemployment - Effect of inflation on |
Inflation (Finance) |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; 1. Introduction; 2. Overview of the Literature on Downward Wage Rigidities; 3. The Model; 4. Flexible Wages; 5. Downward Nominal Wage Rigidity; Figures; Figure 1; 6. The Phillips Curve; 6.1. Long-run Phillips Curve; Figure 2; Table 1; 6.2. Short-run Phillips Curve; 6.3. Varying the Degree of Downward Rigidities; Figure 3; Figure 4; 7. Implications for Long-run Inflation and Unemployment Volatilities; Figure 5; Figure 6; Figure 7; Figure 8; 8. Conclusions; References; A. Appendix; A.1 Derivation of Conditions; A.2 Adding the Employment Constraint |
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Sommario/riassunto |
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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 |
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