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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Inflation and Unemployment in the Long Run |
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| Authors |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 442 |
| ISSN | 1424-0459 |
| Date | 2009 |
| Abstract Text | We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first document in the data a positive relation between these variables at low frequencies. We then develop a framework where unemployment and money are both modeled using microfoundations based on search and bargaining theory, providing a unified theory for analyzing labor and goods markets. The calibrated model shows that money can account for a sizable fraction of trends in unemployment. We argue it matters, qualitativelynand quantitatively, whether one uses monetary theory based on search and bargaining, or an alternative ad hoc specification. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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