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Is There a Long-Run Trade-Off between Inflation and Unemployment?

  • Axell, Bo

    (Research Institute of Industrial Economics (IFN))

  • Lang, Harald

    (Research Institute of Industrial Economics (IFN))

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    How are inflation and unemployment related in the long run? Are they negatively correlated, as in the so-called naive Phillips curve theories or uncorrelated, "as in the neo-liberals' view or are they positively correlated as Friedman suggested in his Nobel lecture? In this paper inflation is introduced into a general equilibrium search unemployment model. We show that it is possible to get either a negatively or a positively sloping long-run Phillips curve, all depending on the source of inflation.

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    File URL: http://www.ifn.se/wfiles/wp/wp150.pdf
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    Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 150.

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    Length: 28 pages
    Date of creation: Dec 1985
    Date of revision:
    Handle: RePEc:hhs:iuiwop:0150
    Contact details of provider: Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
    Phone: +46 8 665 4500
    Fax: +46 8 665 4599
    Web page: http://www.ifn.se/
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