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reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …
Persistent link: https://www.econbiz.de/10010886968
reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …
Persistent link: https://www.econbiz.de/10010332011
reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …
Persistent link: https://www.econbiz.de/10010238840
This paper by building on the general theory of the monetary circuit, proves that money-as a pure bank credit liability-exists to overcome constraints on required expenditures by firms, household and mainly the State. From this perspective the paper derives the employment function in the modern...
Persistent link: https://www.econbiz.de/10008554148
In the early months of the COVID-19 pandemic, inflation fell. Later, as the pandemic wore on, inflation has risen … sharply, reaching a 40-year high. To explain the dynamics of inflation, we augment the standard labor search and matching … inflation rate is strongly tied to the behavior of vacancies and labor market tightness. This pattern is observed in European …
Persistent link: https://www.econbiz.de/10014260130
This paper studies the impact government expenditure has on inflation by examining an augmented Phillips curve implied …, Changes in government expenditure account for a substantial portion of inflation variations and provide new insights into the … "missing disinflation" puzzle, We also find that inflation and inflation expectations respond negatively to fiscal spending …
Persistent link: https://www.econbiz.de/10014288057
Persistent link: https://www.econbiz.de/10012010597
plausible numerical simulations, economic openness reduces the sacrifice ratio. Regarding a monetary union, aggregate inflation …
Persistent link: https://www.econbiz.de/10008918535
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 agents under-perceive real economic variables, negative money non-superneutralities...
Persistent link: https://www.econbiz.de/10008677225
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10011604458