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Persistent link: https://www.econbiz.de/10009520623
This paper explores the influence of inflation on economic growth. In order to match the empirical stylized fact of a threshold level of inflation, beyond which inflation ceases to have a positive impact on growth and begins to harm it, we propose to merge an endogenous growth model of learning...
Persistent link: https://www.econbiz.de/10003747734
Persistent link: https://www.econbiz.de/10003154211
Persistent link: https://www.econbiz.de/10009736878
A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation between inflation and output.
Persistent link: https://www.econbiz.de/10003320766
We consider the effect of money illusion - defined referring to Stevens' ratio estimation function - on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic variables, negative money...
Persistent link: https://www.econbiz.de/10009244385
Persistent link: https://www.econbiz.de/10003747295
A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation between inflation and output. -- Phillips curve ;...
Persistent link: https://www.econbiz.de/10003747545