The inexorable and mysterious tradeoff between inflation and unemployment

• 成果类型: Article
• 署名作者: Mankiw, NG
• 署名单位: Harvard University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/1468-0297.00619
• 发表日期: 2001
• 页码: C45-C61
• 关键词: monetary-policy; menu costs; money; wage; DYNAMICS; MODEL; disinflation; real

摘要

This paper discusses the short-run tradeoff between inflation and unemployment. Although this tradeoff remains a necessary building block of business cycle theory, economists have yet to provide a completely satisfactory explanation for it. According to the consensus view among central bankers and monetary economists, a contractionary monetary shock raises unemployment, at least temporarily. anti leads to a delayed and gradual fall in inflation. Standard dynamic models of price adjustment, however, cannot explain this pattern or responses. Reconciling the consensus view about the effects of monetary policy with models of price adjustment remains an outstanding puzzle for business cycle theorists.