Download or read book Dissecting the Phillips Curve written by Jeffrey Ecker and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, the core objective was to analyze and break down the components of the Phillips Curve. By doing so, two questions could be answered: has the Phillips Curve gone dormant and if so, is a potential cause a breakdown of assumed causal links between wage inflation, unemployment, and price inflation. Imploring a variety of methodologies including vector error correction models, vector autoregressive models, and granger causality, this paper was able to examine each relation of the Phillips Curve and provide insight into the strength of its components. Specifically, the Wage Phillips Curve still shows a significant relationship between unemployment and wages, and there is also a significant, positive relationship between the inflations of prices and wages. However, there is little evidence that a relationship exists between price inflation and unemployment, demonstrating the weakness of the conceptual Phillips Curve.
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 From Trade offs to Policy Ineffectiveness written by Thomas M. Humphrey and published by . This book was released on 2008-04-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The famous Phillips curve trade-off relationship between inflation & unemployment, whose doctrinal history these essays chronicle, amply illustrates the workings of well-known ¿laws¿ in economics. Contents: (1) The Early History of the Phillips Curve; (2) The Evolution & Policy Implications of Philips Curve Analysis: Early Versions of the Phillips Curve; Introduction of Shift Variables; The Expectations-Augmented Phillips Curve & the Adaptive-Expectations Mechanism; Statistical Tests of the Natural Rate Hypothesis; From Adaptive Expectations to Rational Expectations; Evaluation of Rational Expectations; Concluding Comments; & Appendix. Illustrations.
Download or read book The 2020 2022 Inflation Surge Across Europe A Phillips Curve Based Dissection written by Chikako Baba and published by International Monetary Fund. This book was released on 2023-02-10 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2021-22, inflation in Europe soared to multidecade highs, consistently exceeding policymakers’ forecasts and surprising with its wide cross-country dispersion. This paper analyzes the key drivers of the inflation surge in Europe and its variation across countries. The analysis highlights significant differences in Phillips curve parameters across Europe’s economies. Inflation is more sensitive to domestic slack and external price pressures in emerging European economies compared to their advanced counterparts, which contributed to a greater passthrough of global commodity price shocks into domestic prices, and, consequently, to larger increases in inflation rates. Across Europe, inflation also appears to have become increasingly backward looking and more sensitive to commodity price shocks since the onset of the COVID-19 pandemic. This finding helps explain why conventional (Phillips curve) inflation models consistently underpredicted the 2021-2022 inflation surge, although it remains too early to conclude there has been a structural break in the inflation process.
Download or read book Dissecting Taylor Rules in a Structural VAR written by Woon Gyu Choi and published by International Monetary Fund. This book was released on 2010-01-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period.
Download or read book Macroeconomics and the Phillips Curve Myth written by James Forder and published by OUP Oxford. This book was released on 2014-10-09 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.
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 Dissecting the Cycle written by Allan Donald Harding and published by . This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Has the Phillips Curve Become Steeper written by Mr. Anil Ari and published by International Monetary Fund. This book was released on 2023-05-12 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes whether structural changes in the aftermath of the pandemic have steepened the Phillips curves in advanced economies, reversing the flattening observed in recent decades and reducing the sacrifice ratio associated with disinflation. Particularly, analysis of granular price quote data from the UK indicates that increased digitalization may have raised price flexibility, while de-globalization may have made inflation more responsive to domestic economic conditions again. Using sectoral data from 24 advanced economies in Europe, higher digitalization and lower trade intensity are shown to be associated with steeper Phillips curves. Post-pandemic Phillips curve estimates indicate some steepening in the UK, Spain, Italy and the euro area as a whole, but at magnitudes that are too small to explain the entire surge in inflation in 2021–22, suggesting an important role for outward shifts in the Phillips curve.
Download or read book General Theory Of Employment Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Download or read book Finite Sample Properties of Some Alternative Gmm Estimators written by Lars Peter Hansen and published by Franklin Classics Trade Press. This book was released on 2018-11-10 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Download or read book A W H Phillips Collected Works in Contemporary Perspective written by Alban William Housego Phillips and published by Cambridge University Press. This book was released on 2000-08-03 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virtually all of contemporary macroeconomics is underpinned by a Phillips curve of one variety or another; yet most of this literature displays a curious neglect of the theoretical dynamic stabilisation perspective provided by A. W. H. Phillips. This 2000 volume collected for the first time the major work of one of the great economists, integrating Phillips's empirical work with his theoretical contribution. In addition to twelve substantive chapters, twenty-nine economists including Lawrence Klein, James Meade, Thomas Sargent, Peter Phillips, David Hendry, William Baumol, Richard Lipsey and Geoffrey Harcourt highlight and interpret Phillips's ongoing influence. This volume also contains six of Phillips's previously unpublished essays, four of which were thought to have been lost. The fifth such essay (Phillips's second empirical Phillips curve) was previously an informal working paper of which few copies circulated, and the sixth essay is a forerunner of the Lucas Critique written by Phillips shortly before his death.
Download or read book Wrong Way written by Damien Cahill and published by Black Inc.. This book was released on 2018-09-03 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1980s, waves of neoliberal ‘economic reform’ have transformed Australia. Privatisation, deregulation, marketisation and the contracting out of government services: for three decades now, there has been widespread agreement among policymakers on the desirability of these strategies. But the benefits of economic reform are increasingly being questioned. Alongside growing voter disenchantment, new voices of dissent argue that instead of efficiency and improved services, economic reform has led to unaccountable oligopolies, increased prices, reduced productivity and degradation of the public good. In Wrong Way, Australia’s leading economists and public intellectuals do a cost–benefit analysis of economic reform across key areas. Have these reforms been worthwhile for the Australian community and its economy? Have they given us a better society, as promised? ‘Has privatisation led to more productivity-enhancing competition? Has deregulation increased economic welfare in energy, finance, health, education and labour markets? Does the lived experience of Australians measure up to the promise of economic reform? The authors answer these questions with conclusions that are both compelling and disturbing.’——Emeritus professor Roy Green, University of Technology Sydney Damien Cahill & Phillip Toner on Economic Reform Stephen Duckett on Private Health Insurance Elizabeth Hill & Matt Wade on Early Childhood Education And Care Phillip Toner on Vocational Education And Training Jane Andrew & Max Baker on Prisons Bob Davidson on Aged Care Paul Davies on Public Sector Engineering Sue Olney & Wilma Gallet on Employment Services John Quiggin on Electricity Jim Stanford on Labour Markets Evan Jones on Banking Peter Phibbs & Nicole Gurran on Housing Lee Ridge on The NBN Ben Spies-Butcher & Gareth Bryant on Universities Michael Beggs on Monetary Policy And Unemployment John Quiggin on Productivity Peter Brain on Orthodox Economic Models Patricia Ranald on Free Trade David Richardson on Foreign Investment Frank Stilwell on Inequality
Download or read book Dissecting Taylor Rules in a Structural VAR written by Woon Gyu Choi and published by International Monetary Fund. This book was released on 2010-01-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period.
Download or read book Keynes and Marx written by Bill Dunn and published by Manchester University Press. This book was released on 2021-07-06 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keynes was an elitist and pro-capitalist economist, whom the left should embrace with caution. But his analysis provides a concreteness missing from Marx and engages with critical issues of the modern world that Marx could not have foreseen. This book argues that a critical Marxist engagement can simultaneously increase the power of Keynes’s insight and enrich Marxism. To understand Keynes, whose work is liberally invoked but seldom read, Dunn explores him in the context of the extraordinary times in which he lived, his philosophy, and his politics. By offering a detailed overview of Keynes’s critique of mainstream economics and General Theory, Dunn argues that Keynes provides an enduringly valuable critique of orthodoxy. The book develops a Marxist appropriation of Keynes’s insights, arguing that a Marxist analysis of unemployment, capital and the role of the state can be enriched through such a critical engagement. The point is to change the world, not just to understand it. Thus the book considers the prospects of returning to Keynes, critically reviewing the practices that have come to be known as ‘Keynesianism’ and the limits of the theoretical traditions that have made claim to his legacy.
Download or read book Inflation and Activity Two Explorations and their Monetary Policy Implications written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2015-11-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
Download or read book Macroeconomics written by Michael Burda and published by Oxford University Press. This book was released on 2022-09-02 with total page 627 pages. Available in PDF, EPUB and Kindle. Book excerpt:
