Increasing returns to scale and the long-run Phillips curve

Andrea Vaona () and Dennis Snower

Economics Letters, 2008, vol. 100, issue 1, pages 83-86

Abstract: A growing body of empirical evidence shows that there exists a long-run positive trade-off between inflation and real macroeconomic activity. Within a New Keynesian framework, we examine how increasing returns generate a positive long-run relation between inflation and output.

Date: 2008

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Related works:
Working Paper: Increasing Returns to Scale and the Long-Run Phillips Curve (2006)
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