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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
WIFO Working Papers No. 360
Verlag: 
Austrian Institute of Economic Research (WIFO), Vienna
Zusammenfassung: 
The paper modifies a standard NAIRU model by implementing "pricing-to-market" as the basic assumption for the price setting behaviour of firms in an open economy. This entirely changes the outcomes of the model: First, inflation in equilibrium is stable at any rate of unemployment; the long-run Phillips curve is horizontal. Second, income distribution varies with the level of employment. Third, supplemented with a demand equation which allows for effects of both income distribution and international competitiveness, the NAIRU ceases to be a "strong attractor". These characteristics to a certain extent open up the space for expansive wage and demand policies.
Schlagwörter: 
Wages
Inflation
NAIRU
Demand
Distribution
Dokumentart: 
Working Paper

Datei(en):
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