A Reappraisal of the Inflation-unemployment Tradeoff PDF Download

Author: Marika Karanassou
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 58

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Author: Anthony M. Santomero
Publisher:
ISBN:
Category : Employment (Economic theory)
Languages : en
Pages : 82

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Author: Pierpaolo Benigno
Publisher: International Monetary Fund
ISBN: 1451871813
Category : Business & Economics
Languages : en
Pages : 48

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Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.

Author: Dennis Roth
Publisher:
ISBN:
Category : Inflation
Languages : en
Pages : 21

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Author: Daniel J. B. Mitchell
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 31

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Author: John Rutledge
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 134

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Author: Hannu Piekkola
Publisher: Springer Science & Business Media
ISBN: 3790815985
Category : Business & Economics
Languages : en
Pages : 190

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Hannu Piekkola and Kenneth Snellman ETLA, The Research Institute of the Finnish Economy, Helsinki, Finland The Labour Institute for Economic Research, Helsinki, Finland 1 The Basic Issues Wages have traditionally been agreed on collectively in Europe. The articles in this volume examine the current state of collective bargaining as well as the ch- lenges it is currently facing. The issues examined in these papers have a wide applicability to problems on the European labour markets. Torben M. Andersen and Steinar Holden review challenges from globalisation and inter-industry trade and the adaptation to a low-inflation environment. The other contributions are part of the project investigating collective bargaining in Finland, carried out by ETLA (the Research Institute of the Finnish Economy) and the Labour Institute for E- nomic Research. Some of them use results from a Finnish survey carried out by the two institutes ETLA and the Labour Institute on the views of employers and employees about labour relations and the labour market negotiation system. Bargaining systems are complex and their future development depends on their historical evolution, recent and past experiences, and the current situation in the labour market, as well as changes in the international environment. By examining the past functioning of the bargaining system one can observe how different e- ments in it have interacted with various factors in the environment of the system.

Author: Robert Leeson
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 64

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Author: Peter Skott
Publisher: Cambridge University Press
ISBN: 1009367293
Category : Business & Economics
Languages : en
Pages : 397

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Author: Robert I. Lerman
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 22

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