Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - In: European journal of political economy 21 (2005) 1, pp. 1-32
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...
