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This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts. Our analysis shows that trend inflation has important effects on the economy when combined with nominal contracts and real...
Persistent link: https://www.econbiz.de/10010280042
Persistent link: https://www.econbiz.de/10003850555
This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts. Our analysis shows that trend inflation has important effects on the economy when combined with nominal contracts and real...
Persistent link: https://www.econbiz.de/10003560536
The long-run relation between growth and inflation has not yet been studied in the context of nominal price and wage rigidities, despite the fact that these rigidities now figure prominently in workhorse macroeconomic models. We therefore integrate staggered price- and wage-setting into an...
Persistent link: https://www.econbiz.de/10009580023
Persistent link: https://www.econbiz.de/10008934408