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Inflation/Unemployment Regimes and the Instability of the Phillips Curve
Economics: Journal Articles, 2009 Paul Ormerod +2 more
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A Faint Progenitor System for the Faint Supernova 2024vjm
Zimmerman E +69 more
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Carnegie-Rochester Conference Series on Public Policy, 1976
Henry Thornton, and David Hume before him, understood that the initial effect of a change in the quantity of money was on output. Hume's analysis of the gold standard and Thornton's discussion of paper money leave no doubt that departures from steady state equilibrium output were neither ruled out of the analysis nor denied.
Brunner, Karl, Meltzer, Allan
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Henry Thornton, and David Hume before him, understood that the initial effect of a change in the quantity of money was on output. Hume's analysis of the gold standard and Thornton's discussion of paper money leave no doubt that departures from steady state equilibrium output were neither ruled out of the analysis nor denied.
Brunner, Karl, Meltzer, Allan
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Phillips Curve Inflation Forecasts [PDF]
, 2009 This paper surveys the literature since 1993 on pseudo out-of-sample evaluation of inflation forecasts in the United States and conducts an extensive empirical analysis that recapitulates and clarifies this literature using a consistent data set and methodology.
James H. Stock, Mark W. Watson
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2020
This chapter pays attention to the Philipps Curve. This theory states that inflation and unemployment have a stable and inverse relationship (Phillips 1958). In this theory, economic growth is expected to generate inflation and more work opportunities, which decrease unemployment.
Tankiso Moloi, Tshilidzi Marwala
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This chapter pays attention to the Philipps Curve. This theory states that inflation and unemployment have a stable and inverse relationship (Phillips 1958). In this theory, economic growth is expected to generate inflation and more work opportunities, which decrease unemployment.
Tankiso Moloi, Tshilidzi Marwala
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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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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.
Imbs, Jean +2 more
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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 ...
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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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