Show simple item record

dc.contributor.authorChalle, Edouard
dc.contributor.authorAlgan, Yann
dc.contributor.authorRagot, Xavier
HAL ID: 11514
ORCID: 0000-0002-7874-8508
dc.date.accessioned2010-05-03T10:52:57Z
dc.date.available2010-05-03T10:52:57Z
dc.date.issued2011
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/4077
dc.language.isoenen
dc.subjectShort-run non-neutralityen
dc.subjectBorrowing constraintsen
dc.subjectIncomplete marketsen
dc.subject.ddc339en
dc.subject.classificationjelE32en
dc.subject.classificationjelE31en
dc.subject.classificationjelE24en
dc.titleIncomplete Markets and the Output-Inflation Tradeoffen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherScience Po;France
dc.contributor.editoruniversityotherEcole Polytechnique;France
dc.description.abstractenThis paper analyses the effects of money shocks on macroeconomic aggregates in a tractable flexible-price, incomplete-markets environment that generates persistent wealth inequalities amongst agents. In this framework, current inflation redistribute wealth from the cash-rich employed to the cash-poor unemployed and induce the former to increase their labour supply in order to maintain their desired levels of consumption and precautionary savings. If the shocks are persistent, however, they also raise inflation expectations and thus deter the employed from saving and supplying labour. We relate the strength of these two inflation taxes to the underlying parameters of the model and study how they compete in determining the overall sign and slope of the implied ‘output–inflation tradeoff’ relation.en
dc.relation.isversionofjnlnameEconomic Theory
dc.relation.isversionofjnlvol46
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2011
dc.relation.isversionofjnlpages55-84en
dc.relation.isversionofdoihttp://dx.doi.org/ 10.1007/s00199-009-0499-0en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherSpringeren
dc.subject.ddclabelMacroéconomieen


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record