Increasing returns to scale and the long-run Phillips curve

Andrea Vaona and Dennis Snower

Economics Letters, 2008, vol. 100, issue 1, 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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Working Paper: Increasing returns to scale and the long-run Phillips curve (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:100:y:2008:i:1:p:83-86

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