Download or read book Money Illusion and the Long run Phillips Curve in Staggered Wage setting Models written by Andrea Vaona and published by . This book was released on 2011 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Phillips Curve and Labor Markets written by Karl Brunner and published by North-Holland. This book was released on 1976 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Anatomy of the Phillips Curve written by Dennis J. Snower and published by . This book was released on 2002 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Return of the Long run Phillips Curve written by Liam Graham and published by . This book was released on 2003 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Phillips Curves Phillips Lines and the Unemplyment Costs of Overheating written by Mr.Peter B. Clark and published by International Monetary Fund. This book was released on 1997-02-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models.
Download or read book Inflation Unemployment and Money written by Bruno Jossa and published by Edward Elgar Publishing. This book was released on 1998 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive book presents an original reconstruction of the different interpretations of the Phillips curve. The authors demonstrate through an in-depth analysis how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post Keynesian literature. In the first part of the book the authors focus on the origins of the Phillips curve and they critically analyse Richard Lipsey's interpretation and approach to the Phillips curve. They then explore the neoclassical and monetarist interpretation, paying special attention to the evolution of monetarism and the Keynesian critique of this approach. The Kaleckian, Keynesian and Marxist interpretations of the Phillips trade-off are then presented. Here the authors show how the relationship between inflation, unemployment and money described in these approaches accurately reflects the fundamental features of today's capitalist economies. In the final section a new Phillips curve is constructed, taking into account the non-accelerating inflation rate of unemployment and the hysteresis of it. Inflation, Unemployment and Money will be of interest to macroeconomists, post Keynesians and monetary and financial economists.
Download or read book Economic Literacy and Money Illusion written by Helena Chytilova and published by Routledge. This book was released on 2017-07-14 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of money illusion, a recently resurrected phenomenon of behavioral economics, is a real fact of economic life, the potential role of which should no longer be dismissed. Despite money illusion being utterly suppressed by mainstream economists, small deviations from rationality, together with trends in behavioral economics, alleviate the denial of money illusion induced by the rational expectations revolution. This book argues that money illusion seems to be a ubiquitous phenomenon, affecting various areas such as financial markets, housing markets, labor markets, consumption-saving decisions, and even development at the aggregate level induced by coordination issues. Furthermore, in light of the educational efforts of central banks and other institutions, it is worth considering whether solid economic training would provide guidance for the public regarding their decision-making and thereby alleviate the effects of money illusion. The emerging field of experimental economics provides a unique opportunity for us to verify the presence of money illusion. Specifically, attention is devoted to the experimental investigation of reduction in the direct and indirect effects of money illusion with respect to the level of economic literacy acquired through economic education. Economic Literacy and Money Illusion will be of interest to the general audience and to those who are interested in behavioral economics, economics education, and experimental economics, as well as to policy makers and institutions. Last but not least, it will help develop students’ interest in alternative economic theories. NB. The research and writing of this book was made possible with the support of the University of Economics, Prague, Faculty of Economics, Department of Economics.
Download or read book Nonlinearities in the U S Wage Phillips Curve written by Luiggi Donayre and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between wage inflation and the unemployment rate in the U.S. economy for the 1964-2014 period by means of a three-regime threshold regression model. The estimated threshold parameters suggest that this relationship changes when the unemployment rate transitions between regimes defined by 5.61% and 7.63%. During mild recessions and their subsequent recoveries, the time-varying estimates of the model indicate a negative relationship between both variables, consistent with the implications of a wage Phillips curve (WPC) derived from the standard New Keynesian model with staggered wage setting in Gali (2011). However, we find that this relationship breaks down during deep recessions and their recovery periods, which explains the difference between wage inflation predicted by standard New Keynesian models and the observed low wage growth in the aftermath of the 'Great Recession'. This finding and the fact that statistical tests strongly favor our three-regime model suggest that linear and two-regime models are insufficient to account for all the variability in the relationship between wage inflation and unemployment.
Download or read book The return of the wage Phillips curve written by Jordi Galí and published by . This book was released on 2010 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard New Keynesian model with staggered wage setting is shown to imply a simple dynamic relation between wage inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical applications--starting with the original Phillips (1958) curve--and may thus be viewed as providing some theoretical foundations to the latter. The structural wage equation derived here is shown to account reasonably well for the comovement of wage inflation and the unemployment rate in the U.S. economy, even under the strong assumption of a constant natural rate of unemployment.
Download or read book Inflation Employment and the Phillips Curve written by Douglas D. Purvis and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1976 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Econometric Wage and Price Models Assessing the Impact of the Economic Stabilization Program written by A. Bradley Askin and published by . This book was released on 1974 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on the use of econometric models for mathematical analysis of wages and prices in the USA - analyses the inflation process, etc., and includes an evaluation of the economic stabilization programme (incomes policy) based on extensions of three models. Graphs and references.
Download or read book Productivity Growth and the Phillips Curve written by Marika Karanassou and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Phillips Curve Interpretation of Error Correction Models of the Wage and Price Dynamics written by Søren Harck and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model of employment, distribution and inflation in which a modern error correction specification of the nominal wage and price dynamics (referring to claims on income by workers and firms) occupies a prominent role. It is brought out, explicitly, how this rather typical error-correction setting, which actually seems to capture the wage and price dynamics of many large-scale econometric models quite well, is fully compatible with the notion of an old-fashioned Phillips curve with finite slope. It is shown how the steady-state impact of various shocks to the model can be profitably conceived of and interpreted in terms of (and to some extent even calculated by means of) this long-run Phillips curve.
Download or read book Inflation Persistence and the Phillips Curve Revisited written by Marika Karanassou and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Phillips Curve is a Real Wage Equation written by Andrew Newell and published by . This book was released on 1986 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation and Growth written by Stephanie Kremer and published by . This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Wage Curve and the Phillips Curve written by John M. Roberts and published by . This book was released on 1997 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
