Graham, Liam; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008
Keywords: inflation, unemployment, Phillips curve, nominal inertia, monetary policy,
dynamic general equilibrium …-o� between in�ation and
unemployment were more a�ected by a priori argument than by empirical evi-
dence.� We challenge the "a … and macroeconomic policy.
If money is no longer superneutral, unemployment cannot be decomposed into
cyclical and …