Social SciencesEconomicsLabor EconomicsMacroeconomicsMonetary EconomicsInflation PolicyLabor Market DynamicsMonetary PolicyMonetary Transmission MechanismUnemploymentWage DeterminationLong-run BehaviorNatural Rate Of UnemploymentUnemployment Dynamics
Abstract: The paper looks for evidence of grease and sand effects in Europe, in particular the possibility that the natural rate of unemployment is affected in the long run by the inflation rate.
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The Macroeconomics of Low Inflation
George A. Akerlof, William T. Dickens, George L. W. Perry et al. · Brookings Papers on Economic Activity · 1996 · 1.2K citations
THE WELFARE COST OF INFLATIONARY FINANCE
M J Baily · 1956 · 365 citations