Phillips Curves , Expectations of Inflation and Optimal Unemployment over Time
نویسنده
چکیده
Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time Author(s): Edmund S. Phelps Source: Economica, New Series, Vol. 34, No. 135, (Aug., 1967), pp. 254-281 Published by: Blackwell Publishing on behalf of The London School of Economics and Political Science and The Suntory and Toyota International Centres for Economics and Related Disciplines Stable URL: http://www.jstor.org/stable/2552025 Accessed: 29/05/2008 09:29
منابع مشابه
A comprehensive short-run analysis of a (possible) Turkish Phillips curve
The studies on Phillips curves relating the rate of unemployment to the rate of inflation are the results of the search for a reliable tool for forecasting inflation and implementing monetary policy. The original Phillips curve has attracted considerable attention and since then, it has undergone several important changes. Although the evidence of a negative relationship between the rate of cha...
متن کاملThe Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996
T he curve first drawn by A.W. Phillips in 1958, highlighting a negative relationship between wage inflation and unemployment, figured prominently in the theory and practice of macroeconomic policy during 1958–1996. Within a decade of Phillips’ analysis, the idea of a relatively stable longrun tradeoff between price inflation and unemployment was firmly built into policy analysis in the United ...
متن کاملThe economics of the Phillips curve: Formation of inflation expectations versus incorporation of inflation expectations
This paper examines the theory of the Phillips curve, focusing on the distinction between “formation” of inflation expectations and “incorporation” of inflation expectations. Phillips curve theory has largely focused on the former. Explaining the Phillips curve by reference to expectation formation keeps Phillips curve theory in the policy orbit of natural rate thinking where there is no welfar...
متن کاملInflation/Unemployment Regimes and the Instability of the Phillips Curve
Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United States, the United Kingdom and Germany between 1871 and 2009. We identify for each country three distinct regimes in inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the timings of the transitions between ...
متن کاملThe Possible Unemployment Cost of Average Inflation below a Credible Target
! Average inflation below target in Sweden 1997-2011 ! Average inflation expectations (Prospera) close to target 1997-2011 Questions to be answered: ! If inflation expectations stuck at target when average inflation deviates from target, non-vertical long-run Phillips curve? ! If lower average inflation, higher average unemployment? ! If estimates of sustainable unemployment rate based on histo...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2008