continues to absorb more than half of all fixed investment. If capital had been allocated efficiently, China could have achieved …China has achieved impressive growth over the last three decades. However, there has been debate over the sources of … role of rising rates of investment. Because labor reallocation across sectors, TFP growth at the sector level and …

and inflation rates. Building on the lessons from recent advances in time-series econometrics, we suggest instead that one …

-run inflation-unemployment tradeoff. …

money growth leads to higher inflation and higher unemployment, so the long-run Phillips curve is not vertical. The optimal …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation …

contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and latter seek to reduce it. The greater the inflation rate …, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant …

not efficient. Inflation is detrimental to unemployment. …