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100   $a20041202d2009      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 14$aThe inflation-unemployment trade-off at low inflation$b[electronic resource] /$fprepared by Pierpaolo Benigno and Luca Antonio Ricci
210   $a[Washington D.C.] $cInternational Monetary Fund$d2009
215   $a1 online resource (48 p.)
225 1 $aIMF working paper ;$vWP/09/34
300   $aDescription based upon print version of record.
311   $a1-4519-1617-5 
320   $aIncludes bibliographical references.
327   $aContents; 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
330   $aWage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rig
410  0$aIMF working paper ;$vWP/09/34.
606   $aUnemployment$xEffect of inflation on
606   $aInflation (Finance)
608   $aElectronic books.
615  0$aUnemployment$xEffect of inflation on.
615  0$aInflation (Finance)
676   $a338.495
700   $aBenigno$b Pierpaolo$0146810
701   $aRicci$b Luca Antonio$0862007
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910463609803321
996   $aThe inflation-unemployment trade-off at low inflation$91997107
997   $aUNINA