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Phillips Loops, Economic Relaxation, and Inflation Dynamics
AppliedMathWe show how the dynamics of inflation as represented by the Phillips curve follow from a response formalism suggested by Phillips and motivated by the Keynesian notion that it takes time for an economy to respond to an economic shock.
Raymond J. Hawkins
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Monetary Policy When the Phillips Curve Is Quite Flat
American Economic Journal: MacroeconomicsThis paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary
P. Beaudry, Chenyu Hou, F. Portier
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The Australian Phillips Curve and More [PDF]
SSRN Electronic Journal, 2011 A quantitative model is presented linking the rate of inflation and unemployment to the change in the level of labor force. The link between the involved variables is a linear one with all coefficients of individual and generalized models obtained empirically. To achieve the best fit between measured and predicted time series cumulative curves are used
Kitov, Ivan, Kitov, Oleg
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برنامهریزی و بودجه, 2022 The trade-off between inflation and the output gap is different under each of the specifications of the Phillips curve, and therefore the optimal monetary policy will be different based on the assumption of each of these specifications.
Maryam Hematy
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Revisiting the Relationship between Inflation and Output Gap in Iranian Economy Using Wavelet Transform Approach [PDF]
Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī, 2018 The purpose of this paper is to revisit the relationship between inflation and output gap by using wavelet coherence approach. This approach attempts to combine the classical time series analysis with frequency domain analysis, and presents the ...
Ramin Khochiani, Younes Nademi
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A Search for a Structural Phillips Curve [PDF]
SSRN Electronic Journal, 2005 The foundation of the New Keynesian Phillips curve (NKPC) is a model of price setting with nominal rigidities that implies that the dynamics of inflation are well explained by the evolution of real marginal costs. In this paper, we analyze whether this is a structurally invariant relationship.
Timothy Cogley, Argia M. Sbordone
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The Phillips curve and information rigidity in Brazil
Economia Aplicada, 2012 O objetivo deste trabalho é testar a hipótese de ausência de rigidez de informação no Brasil. A metodologia permite também derivar a frequência de reajuste informacional via Curva de Phillips sob Rigidez de Informação. Para tanto, a mediana das projeções
Sidney M. Caetano, Guilherme V. Moura
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Nonlinearities in Phillips curve: A semi-parametric approach
Economia Aplicada, 2015 How inflation relates to economic activity is one of the most important concern of macroeconomists. Usually the trade-off between inflation and output is assumed to be linear. But is that correct? If not, what is the correct non-linear relation?
Tiago Santana Tristão +1 more
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THE PHILLIPS CURVE IN ITALY [PDF]
Economia e Desenvolvimento, 2014 The estimation of the Phillips curve in Italy, using the wage inflation rate as a dependent variable, based on annual data from the period 1961-2012, using the Johansen Method, allows us to conclude two things. Firstly, in the long term, there are two long-term relationships: the wage inflation rate relates positively to the inflation rate, negatively ...
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Is the Phillips Curve Still Alive?
The Review, 2020 A.W. Phillips's discovery that inflation is negatively correlated with unemployment served as a heuristic model for conducting monetary policy; but the flattening of the Phillips curve post-1970 has divided debate on this empirical relation into two ...
Brian Reinbold, Y. Wen
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