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Money, Human Capital, and Business Cycles : A Modern Phillips Curve-Style Tradeoff

Author

Listed:
  • Matheny, K-J

Abstract

Growth mechanisms can significantly affect short run properties of monetary models. An equilibrium model with human capital accumulation through a learning-by-doing mechanism possesses both sustained inflation rigidity and persistent real responses in the presence of unexpected monetary shocks. The model possesses short and long run inflation-employment tradeoffs that are reminiscent of natural rate models.

Suggested Citation

  • Matheny, K-J, 1996. "Money, Human Capital, and Business Cycles : A Modern Phillips Curve-Style Tradeoff," Purdue University Economics Working Papers 1091, Purdue University, Department of Economics.
    • Handle: RePEc:pur:prukra:1091
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    More about this item

    Keywords

    MONETARY POLICY ; HUMAN CAPITAL ; BUSINESS CYCLES ; INFLATION;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure

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