| dc.contributor |
forward- and backward-looking wage-price behavior |
|
| dc.creator |
Snower, Dennis J. |
|
| dc.creator |
Karanassou, Marika |
|
| dc.date |
2002 |
|
| dc.date.accessioned |
2013-10-16T06:35:56Z |
|
| dc.date.available |
2013-10-16T06:35:56Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/2910 |
|
| dc.identifier |
ppn:360642497 |
|
| dc.identifier |
ppn:360642497 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/2910 |
|
| dc.description |
The paper examines how the long-run inflation-unemployment tradeoff depends on the degree to which wage-price decisions are backward- versus forward-looking. When economic agents, facing time-contingent, staggered nominal contracts, have a positive rate of time preference, the current wage and price levels depend more heavily on past variables (e.g. past wages and prices) than on future variables. Consequently, the long-run Phillips curve becomes downward-sloping and, indeed, quit flat for plausible parameter values. This paper provides an intuitive account of how this long-run Phillips curve arises. |
|
| dc.language |
eng |
|
| dc.publisher |
Istitut zur Zukunft der Arbeit Bonn |
|
| dc.relation |
IZA Discussion paper series 635 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
J3 |
|
| dc.subject |
E2 |
|
| dc.subject |
E3 |
|
| dc.subject |
E5 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
inflation-unemployment tradeoff |
|
| dc.subject |
wage-price staggering |
|
| dc.subject |
monetary policy |
|
| dc.subject |
forward- and backward-looking wage-price behavior |
|
| dc.subject |
traditional and New Phillips curve |
|
| dc.subject |
Phillips-Kurve |
|
| dc.subject |
Theorie |
|
| dc.title |
An anatomy of the Phillips curve |
|
| dc.type |
doc-type:workingPaper |
|