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The Structuralist Perspective on Real Exchange Rate, Share Price Level and Employment Path: What Room is Left for Money?

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Author Info

  • Edmund S. Phelps

    ()
    (Columbia University)

  • Hian Teck Hoon

    ()
    (School of Economics and Social Sciences, Singapore Management University)

  • Gylfi Zoega

    ()
    (University of London)

Abstract

The current sluggish performance of the US economy follows one of the more remarkable booms in modern history. The late 1990s was a period of simultaneous output and productivity growth, low unemployment and stable inflation, culminating in an unemployment rate of only 3.9% in the fourth quarter of the year 2000. The absence of rising inflation during this period came as a surprise to many since the level of the natural rate of unemployment was commonly estimated to be in the range of 5-6% by the mid 1990s. The non-inflationary boom, however, reminds one of another episode where non-monetary forces were strongly at work, namely, the non-deflationary slump in Europe and elsewhere in the 1980s and 90s, which appeared to signal a move to a higher natural rate of unemployment. The modeling of such structural slumps and booms is the task that we have tackled in a number of papers in recent years, the book Structural Slumps being a major milestone.

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Bibliographic Info

Paper provided by Singapore Management University, School of Economics in its series Working Papers with number 05-2004.

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Length: 27 pages
Date of creation: Jan 2004
Date of revision:
Publication status: Published in SMU Economics and Statistics Working Paper Series
Handle: RePEc:siu:wpaper:05-2004

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Cited by:
  1. Hian Teck Hoon & Edmund S. Phelps, 2002. "A structuralist model of the small open economy in the short, medium and long run," Discussion Papers 0102-25, Columbia University, Department of Economics.
  2. Gylfi Zoega, 2009. "Employment and Asset Prices," Economics wp46, Department of Economics, Central bank of Iceland.
  3. Edmund S. Phelps, 2007. "Macroeconomics for a Modern Economy," American Economic Review, American Economic Association, vol. 97(3), pages 543-561, June.

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