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Inflation and Unemployment: Lagos-Wright meets Mortensen-Pissarides

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Author Info
Aleksander Berentsen
Guido Menzio
Randall Wright

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Abstract

Inflation and unemployment are central issues in macroeconomics. While progress has been made on these issues recently using models that explicitly incorporate search-type frictions, existing models analyze either unemployment or inflation in isolation. We develop a framework to analyze unemployment and inflation together. This makes contributions to disparate literatures, and provides a unified model for theory, policy, and quantitative analysis. We discuss optimal fiscal and monetary policy. We calibrate the model, and discuss the extent to which it can account for salient aspects of a half century’s experience with inflation, unemployment, interest rates, and velocity. Depending on some details concerning how one calibrations certain parameters, the model can do a good job matching the data.

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Publisher Info
Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1334.

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Length: 47 pages
Date of creation: Jun 2007
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Handle: RePEc:kie:kieliw:1334

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  1. Etienne Lehmann & Bruno Van der Linden, 2007. "Search Frictions on Product and Labor Markets: Money in the Matching Function," IZA Discussion Papers 2718, Institute for the Study of Labor (IZA). [Downloadable!]
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