The Inflation-Unemployment Trade-off at Low Inflation /
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 cu...
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| 格式: | 杂志 |
| 语言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
2009.
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| 丛编: | IMF Working Papers; Working Paper ;
No. 2009/034 |
| 在线阅读: | Full text available on IMF |