* 6 Results enter search term Search Reset filter Suchfilter Content Type Publications (6) Publication Type Journal Article (6) Research Forecasting and Business Cycle Analysis (6) Macroeconomic Research (6) Experts Dennis J. Snower (5) Andrea Vaona (2) Hector Sala (2) Liam Graham (2) Marika Karanassou (2) Date Last Month Last Year Select Period start date to end date Sort by Relevance Date Aktive Filter Publication Type: Journal Article Research: Forecasting and Business Cycle Analysis Tags: Nominal inertia Remove all filters Publication A Reappraisal of the Inflation-Unemployment Tradeoff 01.01.2005 This paper offers a reappraisal of the inflation–unemployment tradeoff, based on frictional growth, describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered... Publication Money Illusion and the Long-run Phillips Curve in Staggered Wage-setting Models 01.03.2013 We consider the effect of money illusion - defined referring to Stevens' ratio estimation function - on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic... Publication Long-Run Inflation-Unemployment Dynamics: The Spanish Phillips Curve and Economic Policy 01.01.2008 This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call “frictional growth,” i.e.... Publication Increasing Returns to Scale and the Long-Run Phillips Curve 01.07.2008 A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation... Publication Hyperbolic Discounting and Positive Optimal Inflation 01.01.2013 The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan, King, and Wolman [Review of Economic Studies 10 (4), 825–860] uses a richer model but still finds deflation... Publication Hyperbolic Discounting and the Phillips Curve 01.01.2008 Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.