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Sectoral Phillips curves and the aggregate Phillips curve
Journal of Monetary Economics, 2011Sector-level Phillips curves are estimated in French data. There is considerable heterogeneity across sectors, with vastly different estimates of the backward looking component of inflation and the duration of nominal rigidities. A multi-sector model of inflation dynamics is calibrated on the basis of these sectoral estimates.
Florian Pelgrin +5 more
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Conflictual Inflation and the Phillips Curve
Review of Political EconomyThis paper presents a pedagogical guide to conflictual inflation, showing the similarities and differences between the post-Keynesian analysis and the alternative mainstream WS-PS model.
Marc Lavoie
semanticscholar +1 more source
SSRN Electronic Journal, 2009 There is no Phillips curve in the United States, i.e. unemployment does not drive inflation at any time horizon. There is a statistically robust anti-Phillips curve - inflation leads unemployment by 10 quarters. Apparently, the anti-Phillips curve would be the conventional one, if the time would flow in the opposite direction.
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Bargaining Power and the Phillips Curve: A Micro-Macro Analysis
Social Science Research Network, 2020We use a general equilibrium model to show that a decrease in workers’ bargaining power amplifies the contribution to the output gap of adjustments along the extensive versus intensive margin of labour utilization.
Marco J. Lombardi +2 more
semanticscholar +1 more source
2011
The Phillips curve provides the key link between the real economy and inflation and lies at the heart of our analysis. Although there are various asymmetries involved in the relationship the most obvious facet is that the relationship is referred to as a curve.
David G. Mayes, Matti Virén
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The Phillips curve provides the key link between the real economy and inflation and lies at the heart of our analysis. Although there are various asymmetries involved in the relationship the most obvious facet is that the relationship is referred to as a curve.
David G. Mayes, Matti Virén
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Does the Phillips Curve Help to Forecast Euro Area Inflation?
Social Science Research Network, 2020We find that it does, but choosing the right specification is not trivial. We unveil notable model instability, with breaks in the performance of most simple Phillips curves.
Marta Bańbura, Elena Bobeica
semanticscholar +1 more source
2019
Friedman’s observations on the Phillips curve are considered. Consonant with Macroeconomics and the Phillips curve myth, it is argued that the idea that policymakers ever believed excess demand could bring low unemployment at the expense of only stable inflation is a fiction, and that in any case, Friedman made no original arguments on the point. Close
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Friedman’s observations on the Phillips curve are considered. Consonant with Macroeconomics and the Phillips curve myth, it is argued that the idea that policymakers ever believed excess demand could bring low unemployment at the expense of only stable inflation is a fiction, and that in any case, Friedman made no original arguments on the point. Close
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2010
This is a unique account of the role played by 58 figures and diagrams commonly used in economic theory. These cover a large part of mainstream economic analysis, both microeconomics and macroeconomics and also general equilibrium theory.
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This is a unique account of the role played by 58 figures and diagrams commonly used in economic theory. These cover a large part of mainstream economic analysis, both microeconomics and macroeconomics and also general equilibrium theory.
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IFAC Proceedings Volumes, 1983
The paper describes how an optimization procedure may be utilized to uncover a relationship between wage-inflation and unemployment in a macro-econometric model taking the whole interplay of all the model's equations into consideration. The idea is to select a number of policy instruments and then with the use of these instruments to minimize wage ...
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The paper describes how an optimization procedure may be utilized to uncover a relationship between wage-inflation and unemployment in a macro-econometric model taking the whole interplay of all the model's equations into consideration. The idea is to select a number of policy instruments and then with the use of these instruments to minimize wage ...
openaire +3 more sources
1994
The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social ...
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The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social ...
openaire +3 more sources