Monetary policy determines the long-run Phillips curve: An OLG model of production with cash-in-advance constraints [An article from: Economic Modelling]
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This paper studies a cash-in-advance model with overlapping generations of producers and workers. Producers own decreasing returns to scale technologies, and both producers and workers face liquidity constraints in the labor and good markets. We characterize monetary competitive equilibrium and show that the way monetary policy is conducted determines the long-run Phillips curve.
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