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The Inflation-Unemployment Trade-off at Low Inflation / / Luca Ricci, Pierpaolo Benigno



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Autore: Ricci Luca Visualizza persona
Titolo: The Inflation-Unemployment Trade-off at Low Inflation / / Luca Ricci, Pierpaolo Benigno Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (48 p.)
Disciplina: 338.495
Soggetto topico: Unemployment - Effect of inflation on
Inflation (Finance)
Inflation
Labor
Price Level
Deflation
Wages, Compensation, and Labor Costs: General
Unemployment: Models, Duration, Incidence, and Job Search
Wage Level and Structure
Wage Differentials
Labour
income economics
Macroeconomics
Wages
Wage rigidity
Unemployment
Unemployment rate
Prices
Soggetto geografico: United States
Altri autori: BenignoPierpaolo  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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
Sommario/riassunto: 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.
Titolo autorizzato: The Inflation-Unemployment Trade-off at Low Inflation  Visualizza cluster
ISBN: 1-4623-6688-0
1-4527-5915-4
1-282-84256-0
1-4518-7181-3
9786612842566
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788344003321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/034