The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output … growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … capital and in this sense induces the growth rate decrease. Shifts in the model’s credit sector productivity cause shifts in …

, greater wage inequality presents opportunities to increase aggregate productivity by concentrating market work among more … the result of a welfare gain of around 5% from the endogenous increase in productivity coupled with a loss of around 7 …

productivity for the differences in regional inflation under a common currency. Comparisons are made with regional productivity …While overall inflation has fallen dramatically in countries like Italy and Spain, inflation in the home good sector … remains stubbornly higher than inflation in the traded good sector. If nominal exchange rates are fixed, these real …

We investigate theoretically and empirically the competitive effects of increased trade on prices, productivity and … productivity. In response to an increase in openness, markups show a steep short run decline, which partly reverses later, while … productivity rises in a manner that increases over time. Our estimates suggest that EU manufacturing prices fell by 2 …

This paper explores the interrelation between the degree of unemployment persistence and the unemployment-productivity …

strong negative effects on productivity and the tax base due to disincentive effects on labour supply and saving over the …