| dc.creator |
Karanassou, Marika |
|
| dc.creator |
Snower, Dennis J. |
|
| dc.date |
2002 |
|
| dc.date.accessioned |
2013-10-16T06:18:37Z |
|
| dc.date.available |
2013-10-16T06:18:37Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/3109 |
|
| dc.identifier |
ppn:37702354X |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/3109 |
|
| 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 Philipps curvebecomes downward-sloping and, indeed, quite flat for plausible parameter values. This paper provides an intuitive account of how this long-run Philipps curve arises. |
|
| dc.language |
eng |
|
| dc.publisher |
Department of Economics, Queen Mary College London |
|
| dc.relation |
Working paper series, Department of Economics, Queen Mary College, London 478 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
J3 |
|
| dc.subject |
E2 |
|
| dc.subject |
E5 |
|
| dc.subject |
E3 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
Inflation-unemployment tradeoff , wage-price staggering , monetary policy , forward- and backward looking wage-price behavior |
|
| dc.subject |
Phillips-Kurve |
|
| dc.subject |
Theorie |
|
| dc.title |
An anatomy of the Phillips curve |
|
| dc.type |
doc-type:workingPaper |
|