Kiel Working Papers, Kiel Institute for World Economics
No 1277:
Increasing Returns to Scale and the Long-Run Phillips Curve
Andrea Vaona and Dennis Snower
Abstract: 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 between inflation
and output.
Keywords: Phillips curve, Inflation, Increasing returns, nominal inertia, monetary policy; (follow links to similar papers)
JEL-Codes: E3,; E20,; E40,; E50; (follow links to similar papers)
9 pages, May 2006
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