Some Aspects of the Evolution of Inflation-Unemployment Tradeoff

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n the past, monetary policy options were described in terms of a tradeoff between the unemployment rate and the inflation rate, the so-called Phillips curve. Macroeconomists no longer view the Phillips curve as a viable “policy menu” because its use as such is inconsistent with mainstream macroeconomic theory. In the late 1970s, John Taylor suggested an alternative set of options for policymake...

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ژورنال

عنوان ژورنال: International Journal of Social Science and Humanity

سال: 2013

ISSN: 2010-3646

DOI: 10.7763/ijssh.2013.v3.251