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12
Sep
2023
De 11h à 12h
Lemma - Salle Maurice Desplas
4 rue Blaise Desgoffe
75006 PARIS
Add to calendar 09/12/2023 11:00 09/12/2023 12:00 Europe/Paris Consumer search and the long-run Phillips curve Séminaire du Lemma Lemma - Salle Maurice Desplas
4 rue Blaise Desgoffe
75006 PARIS false MM/DD/YYYY
Séminaire du Lemma

Le Lemma organises a seminar on  « Consumer search and the long-run Phillips curve » on Tuesday 12 September at 11am.

Guillaume ROCHETEAU (UC Irvine)

Abstract : 

We construct a continuous-time, monetary model with frictional goods and labor markets to revisit the long-run relationship between inflation and unemployment. The novelty relative to the literature (e.g., Berentsen et al., 2011) is the possibility given to consumers to search sequentially among different sellers to fulfill idiosyncratic consumption shocks. The value of consumers’ outside options and firms’ market power are endogenous and depend on the inflation rate. The long-run Phillips curve is generically U-shaped, i.e., at low inflation rates, an increase in anticipated inflation reduces the unemployment rate whereas at high inflation rates it raises it.

 

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Lemma - Salle Maurice Desplas 4 rue Blaise Desgoffe 75006 PARIS
Adress carte: 
POINT (2.3242849 48.8459838)