The Genesis of Samuelson and Solow’s Price-Inflation Phillips Curve
نویسندگان
چکیده
منابع مشابه
The Phillips Curve and Underlying Inflation
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The New-Keynesian Phillips curve is usually reported to fit the data better when lagged inflation, and therefore backward-looking price setting, is included in the equation. We argue that the same inflation persistence can be generated by letting the shocks in the economy be highly correlated in a model where price setting is purely forward-looking. Previous estimates in the literature are bias...
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ژورنال
عنوان ژورنال: History of Economics Review
سال: 2015
ISSN: 1037-0196,1838-6318
DOI: 10.1080/18386318.2015.11681269