Arbeitspapier
The European Phillips curve: Does the NAIRU exist?
This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results suggest that the tradeoff is far from vertical. We also find that wage persistence plays a larger role than price persistence in generating the tradeoff, but that the two forms of persistence are complementary in giving monetary policy its long-run real effects. Our results call for a reassessment of the European macroeconomic experience.
- Sprache
-
Englisch
- Erschienen in
-
Series: CEPR Discussion Paper Series ; No. 4102
- Klassifikation
-
Wirtschaft
- Thema
-
Phillips-Kurve
Natürliche Arbeitslosigkeit
Geldpolitik
Transmissionsmechanismus
Schätzung
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Karanassou, Marika
Sala, Héctor
Snower, Dennis J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Centre for Economic Policy Research (CEPR)
- (wo)
-
London
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:23 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Karanassou, Marika
- Sala, Héctor
- Snower, Dennis J.
- Centre for Economic Policy Research (CEPR)
Entstanden
- 2003
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