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Working Paper

Money, Inflation, and Sectoral Shifts

A presentation of a sectoral-shifts model with money that explains the short-run Phillips curve and predicts a long-run positive relationship between inflation and unemployment.

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.


Suggested Citation

Carlstrom, Charles T., and Edward Gamber. 1988. “Money, Inflation, and Sectoral Shifts.” Federal Reserve Bank of Cleveland, Working Paper No. 88-14.