Recovering Keynesian Phillips curve theory: hysteresis of ideas and the natural rate of unemployment
نویسندگان
چکیده
منابع مشابه
adaptive comparison of phillips curve and determination of the natural rate of unemployment in iran
the issue of this paper is the relationships between inflation rate , unemployment rate and production, one of the main discussions in macroeconomic models. this 'paper is an effort 'to determine the relationship between the above- mentioned phenomenon in the short-and in the long 11m as well as to calculate the natural rate of unemployed in iran. for this purpose, the theoretical mod...
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Phillips curves are central to discussions of inflation dynamics and monetary policy. New Keynesian Phillips curves describe how past inflation, expected future inflation, and a measure of real marginal cost or an output gap drive the current inflation rate. This paper studies the (potential) weak identification of these curves under generalized methods of moments (GMM) and traces this syndrome...
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I n most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve. The Phillips curve is sometimes viewed as a menu for monetary policymakers, that is, they can choose between high inflation and low unempl...
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15 صفحه اولThe Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment
Most people accept that structural and labour market reforms are needed in Europe. However few have been undertaken. The usual conjecture is that reforms are costly in economic performance and costly to finance. Blanchard and Giavazzi (2003) and Spector (2004) develop a general equilibrium model with imperfect competition to show the impact of labour or product market deregulation. We extend th...
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ژورنال
عنوان ژورنال: Review of Keynesian Economics
سال: 2018
ISSN: 2049-5323,2049-5331
DOI: 10.4337/roke.2018.04.07