Real wage rigidity and the new Phillips curve: the Brazilian case
The new Keynesian Phillips curve has been criticized for not explaining the short-run inflation-output gap trade-off. Blanchard and Galí (2007) introduced real wage rigidity and derived a trade-off between stabilizing inflation and the gap between actual and efficient output. This paper estimates th...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Fundação Getúlio Vargas
2010-09-01
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| Series: | Revista Brasileira de Economia |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402010000300005 |