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The Inflation-Unemployment Trade-Off At Low Inflation
Ricci, Luca Antonio - 2009
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation;...
Persistent link: https://www.econbiz.de/10014402571
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Unemployment and Productivity in the Long Run : The Role of Macroeconomic Volatility
Surico, Paolo - 2010
generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise … in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly … supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U …
Persistent link: https://www.econbiz.de/10014402705