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المؤلفMohammed, Ait Lahcen
المؤلفBaughman, Garth
المؤلفRabinovich, Stanislav
المؤلفvan Buggenum, Hugo
تاريخ الإتاحة2023-02-12T06:39:59Z
تاريخ النشر2022-07-26
اسم المنشورEuropean Economic Review
المعرّفhttp://dx.doi.org/10.1016/j.euroecorev.2022.104247
الاقتباسLahcen, M. A., Baughman, G., Rabinovich, S., & van Buggenum, H. (2022). Nonlinear unemployment effects of the inflation tax. European Economic Review, 148, 104247.
الرقم المعياري الدولي للكتاب0014-2921
معرّف المصادر الموحدhttps://www.sciencedirect.com/science/article/pii/S0014292122001465
معرّف المصادر الموحدhttp://hdl.handle.net/10576/39958
الملخصLong-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, in turn making it more sensitive to both productivity shocks and further increases in inflation. We calibrate the model to match key aspects of the US labor market and monetary data. The calibrated model is consistent with a number of empirical correlations, which we document using panel data from the OECD: (1) there is a positive long-run relationship between anticipated inflation and unemployment; (2) there is also a positive correlation between anticipated inflation and unemployment volatility; (3) the long-run inflation-unemployment relationship is stronger when unemployment is higher. The key mechanism through which the model generates these results is the negative effect of inflation on measured output per worker, which is likewise consistent with cross-country data. Finally, we show that the welfare cost of inflation is nonlinear in the level of inflation and is amplified by the presence of aggregate uncertainty.
اللغةen
الناشرElsevier
الموضوعMoney
Search
Inflation
Unemployment volatility
Product–labor market interaction
العنوانNonlinear unemployment effects of the inflation tax
النوعArticle
رقم المجلد148
Open Access user License http://creativecommons.org/licenses/by-nc-nd/4.0/
ESSN1873-572X
dc.accessType Abstract Only


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