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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.

Suggested Citation

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