Arbeitspapier
An anatomy of the Phillips curve
The paper examines how the long-run inflation-unemployment tradeoff depends on the degree to which wage-price decisions are backward- versus forward-looking. When economic agents, facing time-contingent, staggered nominal contracts, have a positive rate of time preference, the current wage and price levels depend more heavily on past variables (e.g. past wages and prices) than on future variables. Consequently, the long-run Philipps curvebecomes downward-sloping and, indeed, quite flat for plausible parameter values. This paper provides an intuitive account of how this long-run Philipps curve arises.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 478
Klassifikation
Wirtschaft
Thema
Inflation-unemployment tradeoff
wage-price staggering
monetary policy
forward- and backward looking wage-price behavior
Phillips-Kurve
Theorie
wage-price staggering
monetary policy
forward- and backward looking wage-price behavior
Phillips-Kurve
Theorie
Ereignis
Geistige Schöpfung
(wer)
Karanassou, Marika
Snower, Dennis J.
Snower, Dennis J.
Ereignis
Veröffentlichung
(wer)
Queen Mary University of London, Department of Economics
(wo)
London
(wann)
2002
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Karanassou, Marika
- Snower, Dennis J.
- Queen Mary University of London, Department of Economics
Entstanden
- 2002
Ähnliche Objekte (12)
An anatomy of the Phillips curve
A reappraisal of the inflation-unemployment tradeoff
A reappraisal of the inflation-unemployment tradeoff
Inflation persistence revisited
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Inflation persistence and the Phillips curve revisited
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Inflation persistence and the Phillips curve revisited
The evolution of inflation and unemployment: Explaining the roaring nineties
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
An anatomy of the Phillips curve
A reappraisal of the inflation-unemployment tradeoff
A reappraisal of the inflation-unemployment tradeoff
Inflation persistence revisited
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Inflation persistence and the Phillips curve revisited
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Inflation persistence and the Phillips curve revisited
The evolution of inflation and unemployment: Explaining the roaring nineties
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
An anatomy of the Phillips curve
A reappraisal of the inflation-unemployment tradeoff
A reappraisal of the inflation-unemployment tradeoff
Inflation persistence revisited
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Inflation persistence and the Phillips curve revisited
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Inflation persistence and the Phillips curve revisited
The evolution of inflation and unemployment: Explaining the roaring nineties
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy