Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2008
the U.S. and the E.U.
Our analysis contributes to a larger theoretical literature rationalizing a long-
run tradeo …
Keywords: inflation, unemployment, Phillips curve, nominal inertia, monetary policy,
dynamic general equilibrium … increases in their NAIRUs.
Ball (1999) suggests that such a relationship may be due to monetary policy:
countries with …