Increasing returns to scale and the long-run Phillips curve

A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation between inflation and output.

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Year of publication:	2007
Authors:	Vaona, Andrea ; Snower, Dennis J.
Publisher:	Pavia : Università degli Studi di Pavia, Dipartimento di Economia Politica e Metodi Quantitativi (EPMQ)
Subject:	Phillips curve \| inflation \| increasing returns \| nominal inertia \| monetary policy

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Series:	Quaderni di Dipartimento - EPMQ ; 203
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	576930601 [GVK] hdl:10419/28859 [Handle]
Classification:	E3 - Prices, Business Fluctuations, and Cycles ; E20 - Consumption, Saving, Production, Employment, and Investment. General ; E40 - Money and Interest Rates. General ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10010325611