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 Phillips curve becomes downward-sloping and, indeed, quit flat for plausible parameter values. This paper provides an intuitive account of how this long-run Phillips curve arises.
- Sprache
-
Englisch
- Erschienen in
-
Series: IZA Discussion Papers ; No. 635
Klassifikation
Wirtschaft
Thema
wage-price staggering
monetary policy
forward- and backward-looking wage-price behavior
traditional and New Phillips curve
inflation-unemployment tradeoff
Phillips-Kurve
monetary policy
forward- and backward-looking wage-price behavior
traditional and New Phillips curve
inflation-unemployment tradeoff
Phillips-Kurve
Ereignis
Geistige Schöpfung
(wer)
Snower, Dennis J.
Karanassou, Marika
Karanassou, Marika
Ereignis
Veröffentlichung
(wer)
Institute for the Study of Labor (IZA)
(wo)
Bonn
(wann)
2002
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Snower, Dennis J.
- Karanassou, Marika
- Institute for the Study of Labor (IZA)
Entstanden
- 2002
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