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EnglishRecent developments in macroeconomics resurrect the view that wel- fare costs of inflation arise because the latter acts as a tax on money balances. Empirical contributions show that wage re-negotiations take place while expiring contracts are still in place. Bringing these seemingly unrelated aspects together in a stylized general equilibrium model, we ?nd a disciplining e¤ect of a positive inflation target on the wage markup and identify a long-term trade-off between in?ation and output
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| Titolo: | Trend inflation, endogenous mark-ups and the non-vertical Phillips curve |
| Autori: | |
| Data di pubblicazione: | 2010 |
| Abstract: | Recent developments in macroeconomics resurrect the view that wel- fare costs of inflation arise because the latter acts as a tax on money balances. Empirical contributions show that wage re-negotiations take place while expiring contracts are still in place. Bringing these seemingly unrelated aspects together in a stylized general equilibrium model, we ?nd a disciplining e¤ect of a positive inflation target on the wage markup and identify a long-term trade-off between in?ation and output |
| Handle: | http://hdl.handle.net/11571/1314580 |
| Appare nelle tipologie: | 5.12 Altro |
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