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Record Nr. |
UNINA9910961915903321 |
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Autore |
Ricci Luca |
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Titolo |
The Inflation-Unemployment Trade-off at Low Inflation / / Luca Ricci, Pierpaolo Benigno |
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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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9786612842566 |
9781462366880 |
1462366880 |
9781452759159 |
1452759154 |
9781282842564 |
1282842560 |
9781451871814 |
1451871813 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (48 p.) |
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Collana |
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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) |
Deflation |
Income economics |
Inflation |
Labor |
Labour |
Macroeconomics |
Price Level |
Prices |
Unemployment rate |
Unemployment |
Unemployment: Models, Duration, Incidence, and Job Search |
Wage Differentials |
Wage Level and Structure |
Wage rigidity |
Wages |
Wages, Compensation, and Labor Costs: General |
United States |
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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 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. |
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