A growing body of empirical evidence shows that there exists a long-run positive trade-off between inflation and real macroeconomic activity. Within a New Keynesian framework, we examine how increasing retums generate a positive long-run relation between inflation and output. (c) 2007 Elsevier B. V. All rights reserved.
Increasing returns to scale and the long-run Phillips curve
VAONA, Andrea;
2008-01-01
Abstract
A growing body of empirical evidence shows that there exists a long-run positive trade-off between inflation and real macroeconomic activity. Within a New Keynesian framework, we examine how increasing retums generate a positive long-run relation between inflation and output. (c) 2007 Elsevier B. V. All rights reserved.
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