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• W4386003849 abstract "Using newly assembled data for 18 advanced economies between 1870 and 2019, I study how monetary policy affects wage inflation and unemployment and document two key findings regarding their tradeoff. First, the wage Phillips curve displays a time-varying slope. Second, the tradeoff becomes weaker in low price inflation environments due to a stronger unemployment rate and a muted wage inflation response to monetary policy. These findings lend support to the idea that monetary policy has state-dependent effects with the central banks’ ability in exploring the tradeoff being impaired by a low price inflation environment." @default.
• W4386003849 created "2023-08-20" @default.
• W4386003849 creator A5051216413 @default.
• W4386003849 date "2023-10-01" @default.
• W4386003849 modified "2023-10-07" @default.
• W4386003849 title "Monetary policy and the wage inflation-unemployment tradeoff" @default.
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• W4386003849 doi "https://doi.org/10.1016/j.euroecorev.2023.104565" @default.
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