Nonlinear unemployment effects of the inflation tax
Long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. We show this using a standard monetary search model with two shocks – productivity and monetary – and frictions in both labor and goods markets. Inflation lowers the surplus from a worker–firm match, i...
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| Other Authors: | , , |
| Format: | article |
| Published: |
2022
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| Online Access: | http://dx.doi.org/10.1016/j.euroecorev.2022.104247 https://www.sciencedirect.com/science/article/pii/S0014292122001465 http://hdl.handle.net/10576/39958 |
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