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dc.contributor.authorRagot, Xavier
HAL ID: 11514
ORCID: 0000-0002-7874-8508
dc.contributor.authorChalle, Edouard
dc.contributor.authorAlgan, Yann
dc.date.accessioned2010-05-03T10:39:51Z
dc.date.available2010-05-03T10:39:51Z
dc.date.issued2008
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/4076
dc.language.isoenen
dc.subjectIncomplete marketsen
dc.subjectborrowing constraintsen
dc.subjectshort-run non-neutralityen
dc.subject.ddc339en
dc.subject.classificationjelE32en
dc.subject.classificationjelE31en
dc.subject.classificationjelE24en
dc.titleIncomplete Markets and the Output-Inflation Tradeoffen
dc.typeCommunication / Conférence
dc.contributor.editoruniversityotherScience Po;France
dc.contributor.editoruniversityotherEcole Polytechnique;France
dc.description.abstractenThis paper analyses the e¤ects of money shocks on macroeconomic aggregates within a flexible price, incomplete markets environment that generates persistent wealth inequalities amongst agents. In this framework, unexpected money shocks redistribute wealth from the cash-rich employed to the cash-poor unemployed and induce the former to increase labour supply in order to maintain their desired levels of consumption and precautionary savings. The reduced-form dynamics of the model is a textbook output-inflation tradeoff equation, whereby inflation shocks raise current output. The limiting impact of mean inflation and money growth persistence on this non neutrality mechanism are also examined.en
dc.identifier.citationpages20en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelMarketingen
dc.relation.conftitleEuropean Economic Association & Econometric Society : Parallel Meetingsen
dc.relation.confdate2008-08
dc.relation.confcityMilanen
dc.relation.confcountryItalieen


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