haku: @author Konieczny, J. D. / yhteensä: 1
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| Tekijä: | Konieczny, J. D. |
| Otsikko: | Inflation, output and labour productivity when prices are changed infrequently. |
| Lehti: | Economica
1990 : MAY, VOL. 57:226, p. 201-218 |
| Asiasana: | PRICES CHANGE INFLATION EMPLOYMENT |
| Kieli: | eng |
| Tiivistelmä: | The correlation between inflation output and employment for firms which change prices infrequently is shown to depend on the form of the demand and profit functions. A general taxonomy is provided. With some specifications inflation increases output, thus offering a Phillips-type trade-off. It is, however, an inefficient way of stimulating the economy since labour productivity falls. With constant marginal costs, welfare may rise with inflation. When marginal costs are increasing, the optimal rate of inflation is zero or, with some specifications, arbitrarily close to zero. |
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