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
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Snower, Dennis J.
Karanassou, Marika
- Ereignis
-
Veröffentlichung
- (wer)
-
Institute for the Study of Labor (IZA)
- (wo)
-
Bonn
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Snower, Dennis J.
- Karanassou, Marika
- Institute for the Study of Labor (IZA)
Entstanden
- 2002
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