Huber, Samuel; Kim, Jaehong; Marchesiani, Alessandro - 2019
, when inflation exceeds a certain threshold, money is too costly to hold, which results in a decrease in output and an …We develop a dynamic general equilibrium model to analyze the relationship between monetary policy, money demand, and … unemployment. Our model succeeds in replicating the empirical fact of a downward sloping Phillips curve for low inflation rates and …