How Long to Read Endogenous Growth, Downward Wage Rigidities and Optimal Inflation

How Long Does it Take to Read Endogenous Growth, Downward Wage Rigidities and Optimal Inflation?

It takes the average reader and 50 minutes to read Endogenous Growth, Downward Wage Rigidities and Optimal Inflation by Mirko Abbritti

Assuming a reading speed of 250 words per minute. Learn more

Description

Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.

How long is Endogenous Growth, Downward Wage Rigidities and Optimal Inflation?

Endogenous Growth, Downward Wage Rigidities and Optimal Inflation by Mirko Abbritti is 49 pages long, and a total of 12,691 words.

This makes it 17% the length of the average book. It also has 16% more words than the average book.

How Long Does it Take to Read Endogenous Growth, Downward Wage Rigidities and Optimal Inflation Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 9 minutes to read Endogenous Growth, Downward Wage Rigidities and Optimal Inflation aloud.

What Reading Level is Endogenous Growth, Downward Wage Rigidities and Optimal Inflation?

Endogenous Growth, Downward Wage Rigidities and Optimal Inflation is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Endogenous Growth, Downward Wage Rigidities and Optimal Inflation?

Endogenous Growth, Downward Wage Rigidities and Optimal Inflation by Mirko Abbritti is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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