| 000 | 00000nam 2200000zi 4500 |
| 001 | 9.956729 |
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| 003 | CaOODSP |
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| 005 | 20251027131316 |
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| 006 | m o d f |
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| 007 | cr |n||||||||| |
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| 008 | 251027t20252025oncd ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | |aeng|beng|bfre |
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| 043 | |an-us--- |
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| 086 | 1 |aFB3-5/2025-26E-PDF |
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| 100 | 1 |aGu, Chao, |eauthor. |
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| 245 | 10|aCredit conditions, inflation, and unemployment / |cChao Gu, Janet Hua Jiang, Liang Wang. |
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| 264 | 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2025. |
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| 264 | 4|c©2025 |
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| 300 | |a1 online resource (ii, 61 pages) : |bcharts. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2025-26 |
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| 500 | |a"Last updated: September 19, 2025." |
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| 504 | |aIncludes bibliographical references (pages 37-42). |
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| 520 | |a"We construct a New Monetarist model with labor market search and identify two channels that affect the long-term relationship between inflation and unemployment. First, inflation lowers wages through bargaining because unemployed workers rely more heavily on cash transactions and suffer more from inflation than employed workers: this wage-bargaining channel generates a downward Phillips curve without assuming nominal rigidity. Second, inflation increases the firm’s financing costs, which discourages job creation and increases unemployment; this cash-financing channel leads to an upward-sloping Phillips curve. We calibrate our model to the U.S. economy. The improvement in firm financing conditions can explain the observation that the slope of the long-run Phillips curve has switched from positive to negative post-2000"--Abstract, page ii. |
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| 546 | |aIncludes abstracts in English and French. |
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| 650 | 0|aInflation (Finance)|zUnited States|xEconometric models. |
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| 650 | 0|aUnemployment|zUnited States|xEconometric models. |
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| 650 | 0|aCredit|zUnited States|xEconometric models. |
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| 650 | 6|aInflation|zÉtats-Unis|xModèles économétriques. |
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| 650 | 6|aChômage|zÉtats-Unis|xModèles économétriques. |
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| 650 | 6|aCrédit|zÉtats-Unis|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2025-26.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.43 MB|uhttps://publications.gc.ca/collections/collection_2025/banque-bank-canada/FB3-5-2025-26-eng.pdf |
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