Publication
Jun 2007
This paper presents an updated Keynesian model which has been amended by a theory of unemployment. The authors argue that the new Keynesian Phillips curve which is widely used for monetary policy analysis lacks the notion of unemployment. They therefore incorporate a theory of unemployment into the new Keynesian theory of inflation and empirically test its implications for inflation dynamics.
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English (PDF, 43 pages, 419 KB) |
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Author | Federico Ravenna, Carl E Walsh |
Series | Kiel Institute Working Papers |
Issue | 1362 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2007 Kiel Institute for the World Economy |