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Author : Robert Kyloh,International Labour Office
Publisher : Unknown
Page : 78 pages
File Size : 41,8 Mb
Release : 1988
Category : Inflation (Finance)
ISBN : STANFORD:36105002299654
Author : Bruno Jossa,Marco Musella
Publisher : Edward Elgar Publishing
Page : 184 pages
File Size : 42,9 Mb
Release : 1998
Category : Business & Economics
ISBN : STANFORD:36105023470912
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.
Author : Pierpaolo Benigno,Mr.Luca Antonio Ricci
Publisher : International Monetary Fund
Page : 48 pages
File Size : 49,7 Mb
Release : 2009-03-01
Category : Business & Economics
ISBN : 9781451871814
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
Author : Ronald G. Bodkin
Publisher : University of Pennsylvania Press
Page : 304 pages
File Size : 52,8 Mb
Release : 2016-11-11
Category : Business & Economics
ISBN : 9781512800401
This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.
Author : Roger LeRoy Miller,Raburn M. Williams
Publisher : Unknown
Page : 136 pages
File Size : 50,7 Mb
Release : 1974
Category : Business & Economics
ISBN : UCAL:B5137498
Monograph on unemployment and inflation in the USA - presents a supply and demand model to describe the two types of inflation, discusses the role of price expectations in causing fluctuations in unemployment, and considers the economics and theoretics of wages and price controls, etc. Diagrams, graphs and references.
Author : George L. Perry
Publisher : Cambridge, Mass. : M.I.T. Press [1966]
Page : 166 pages
File Size : 41,6 Mb
Release : 1966
Category : Inflation (Finance)
ISBN : UOM:39015035095341
Theoretic study, based on economic research of the relationship of wage policy, unemployment and inflation. Cost of living and profits. The prerequisites of a stable economic policy. Bibliography pp. 135 to 137.
Author : MichaelJ. Piore
Publisher : Routledge
Page : 393 pages
File Size : 40,5 Mb
Release : 2017-07-05
Category : Business & Economics
ISBN : 9781351537902
Originally published in 1979, this reader presents an industrialist view of the labour market and economics as they stood at the time in the United States. The essays collated aim to answer macroeconomic questions on this topic as well as exploring issues related closely to employment and inflation. This title will be of interest to students of business and economics.
Author : David E. W. Laidler,David Purdy
Publisher : Manchester University Press
Page : 300 pages
File Size : 42,8 Mb
Release : 1974
Category : Business & Economics
ISBN : 071900568X
Monograph comprising economic research papers on the relationships between wages inflation and unemployment in the UK, with particular reference to disaggregating down from the national level labour market and to the role of trade unions - covers trade union militancy, wage determination, wage rate determination by collective bargaining, the Phillips curve, unemployment and vacancies, geographic distribution of unemployment, etc. References and statistical tables.
Author : Ron L. Martin
Publisher : London : Pion
Page : 256 pages
File Size : 51,8 Mb
Release : 1981
Category : Business & Economics
ISBN : UCAL:B4265897
Author : David A. Wilton,Economic Council of Canada
Publisher : Unknown
Page : 106 pages
File Size : 46,8 Mb
Release : 1980
Category : Business & Economics
ISBN : STANFORD:36105039162164
Monograph applying Phillips curve economic models to explain wage rate inflation trends in Canada for the period 1955 to 1975 - notes the importance of the phillips-curve concept in macroeconomics economic theory, examines the Canadian empirical evidence on wages change in relation to unemployment and to wage determination (in terms of consumer price movements), and summarizes Canadian supply and demand and fiscal policies. Bibliography pp. 81 to 85, graphs and statistical tables.
Author : Michael Parkin,Michael T. Sumner
Publisher : Unknown
Page : 300 pages
File Size : 42,9 Mb
Release : 1974
Category : Business & Economics
ISBN : IND:30000011869595
Author : Thomas Vogt
Publisher : GRIN Verlag
Page : 29 pages
File Size : 45,8 Mb
Release : 2008-06-09
Category : Business & Economics
ISBN : 9783638059831
Seminar paper from the year 2007 in the subject Economics - Economic Cycle and Growth, grade: 1,0, University of applied sciences Frankfurt a. M., course: Inflation and the Phillips Curve, language: English, abstract: In this paper the author will discuss the relation of inflation and the Phillips curve. First, the concept and the different forms of inflation and their economical reasons will be explained. Afterwards the three prevalent models of the Phillips curve in literature are introduced and explained. The author will look into the theory of the NRU and NAIRU and how they relate to the concept of the Phillips curve. In the last part of the paper, the applicability and validity of the Phillips curve for Germany is investigated more closely and the characteristics of the Phillips curve for Germany will be described. The Phillips curve originates of an empirical study of Arthur W. Phillips in 1958. There he describes the existence of a negative relationship between the rate of unemployment and the nominal wage growth in the UK between the years 1861-1957. The curve shows, that the higher the rate of unemployment, the lower the rate of wage inflation. His work represented a milestone in the development of macroeconomics. Especially in the sixties and seventies, politicians in the USA and Europe thought they can interpret the relation of inflation and unemployment as a menu card of fiscal and monetary policy. A well-known quote by Helmut Schmidt, former chancellor of Germany in the 1970s, supports this thinking, when he said that an inflation rate of five percent is better than a five percent rate of unemployment. In the following years, a lot of different economist (Keynes, Samuelson, Friedman, Phelps, Lipsey et al.) modified the original curve and supported it with their customized theories. In this paper the author will discuss the relation of inflation and the Phillips curve. First, the concept and the different forms of inflation and their economical reasons will be explained. Afterwards the three prevalent models of the Phillips curve in literature are introduced and explained. The author will look into the theory of the NRU and NAIRU and how they relate to the concept of the Phillips curve. In the last part of the paper, the applicability and validity of the Phillips curve for Germany is investigated more closely and the characteristics of the Phillips curve for Germany will be described.
Author : Michael D. Bordo,Athanasios Orphanides
Publisher : University of Chicago Press
Page : 545 pages
File Size : 54,5 Mb
Release : 2013-06-28
Category : Business & Economics
ISBN : 9780226066950
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author : Guay C. Lim,Robert Dixon,Sarantis Tsiaplias
Publisher : Unknown
Page : 25 pages
File Size : 50,8 Mb
Release : 2008
Category : Phillips curve
ISBN : 0734032897
"A time-varying Phillips curve was estimated as a means to examine the changing nature of the negative relationship between wage inflation and the unemployment rate in Australia. The implied equilibrium unemployment rate was generated and the analysis showed the important role played by variations in the slope of the Phillips curve (and thus in real wage rigidity) in changing the equilibrium unemployment rate. The deviations of actuals from the estimated equilibrium unemployment rates also performed well as measures of inflationary pressures."--Institute website.
Author : James Forder
Publisher : OUP Oxford
Page : 320 pages
File Size : 44,5 Mb
Release : 2014-10-09
Category : Business & Economics
ISBN : 9780191506567
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.
