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Contracting Models Of The Phillips Curve
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Book Synopsis Contracting Models of the Phillips Curve by : Pierre-Richard Agénor
Download or read book Contracting Models of the Phillips Curve written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides empirical estimates of contracting models of the Phillips curve for four middle-income developing economies-Chile, the Republic of Korea, the Philippines, and Turkey. Following an analytical review, models with both one lead and one lag, and two lags and three leads, are then estimated using Generalized Method of Moments (GMM) techniques. The results indicate that for both Chile and Turkey past and future inflation are of about the same magnitude in affecting current inflation. In Korea past inflation has a larger impact on inflation, whereas in the Philippines it is future inflation that plays a larger role. Homogeneity restrictions are satisfied for Korea and Turkey, but not for Chile and the Philippines.
Book Synopsis Contracting Models of the Phillips Curve Empirical Estimates for Middle-income Countries by : Pierre-Richard Agénor
Download or read book Contracting Models of the Phillips Curve Empirical Estimates for Middle-income Countries written by Pierre-Richard Agénor and published by . This book was released on 2008 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contracting Models of the Phillips Curve by : Pierre-Richard Agenor
Download or read book Contracting Models of the Phillips Curve written by Pierre-Richard Agenor and published by . This book was released on 2016 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides empirical estimates of contracting models of the Phillips curve for four middle-income developing economies - Chile, the Republic of Korea, the Philippines, and Turkey. Following an analytical review, models with both one lead and one lag, and two lags and three leads, are then estimated using Generalized Method of Moments (GMM) techniques. The results indicate that for both Chile and Turkey past and future inflation are of about the same magnitude in affecting current inflation. In Korea past inflation has a larger impact on inflation, whereas in the Philippines it is future inflation that plays a larger role. Homogeneity restrictions are satisfied for Korea and Turkey but not for Chile and the Philippines.This paper - a product of the Poverty Reduction and Economic Management Division, World Bank Institute - is part of a larger effort in the institute to understand the dynamics of inflation in developing countries.
Book Synopsis The Phillips Curve and Labor Markets by : Karl Brunner
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:
Book Synopsis AIL Theory and the Ailing Phillips Curve by : Roger E. A. Farmer
Download or read book AIL Theory and the Ailing Phillips Curve written by Roger E. A. Farmer and published by . This book was released on 1989 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents empirical evidence from U.S. data of a structurally stable aggregate supply relationship between real and nominal rates of interest and the rate of unemployment. The paper reviews theories of contracts that are based on the twin assumptions of asymmetric information and limited collateral and it argues that these theories (referred to as A.I.L. theories) provide a strong theoretical foundation for a contract-based theory of aggregate supply. It is suggested that the original Phillips curve estimates should be reinterpreted in the light of A.I.L. theories which represent alternatives to the Phelps-Friedman interpretation of the Phillips relationship.
Book Synopsis What Type of Contracts Underlie Aggregate Wage Dynamics? by : Mr.Esteban Jadresic
Download or read book What Type of Contracts Underlie Aggregate Wage Dynamics? written by Mr.Esteban Jadresic and published by International Monetary Fund. This book was released on 1997-05-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that it is possible to estimate the importance of different types of wage contracts at the aggregate level using the same data used to estimate standard Phillips curves. It finds that the behavior of the Chilean private aggregate wage during the 1980s is well described by two-year contracts that are revised every six months according to 100 percent of past inflation. The estimates also show that the unemployment rate was a strong determinant of the contract’s target real wage and that most wage negotiations were carried through during the first half of every year. The results prove robust to a variety of tests and fit the data better than standard Phillips curves.
Book Synopsis The Wage Curve and the Phillips Curve by : John M. Roberts
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:
Book Synopsis Contracts, Credibility, and Disinflation by : Stanley Fischer
Download or read book Contracts, Credibility, and Disinflation written by Stanley Fischer and published by . This book was released on 1984 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates of the cost of disinflation made before the recent reduction in the inflation rate varied widely. Estimates were made in terms of the sacrifice ratio -- the percentage points of GNP at an annual rate lost per percentage point reduction in the inflation rate. At one extreme it was argued thata resolute and credible monetary policy could reduce inflation virtually costlessly. At the other extreme were estimates that the sacrifice ratio exceeded 10. Costless immediate disinflation is not possible in an economy with long-term labor contracts. This paper sets out a simple contracting model of wage and output determination and uses it to calculate sacrifice ratios for a disinflation program, under the assumption that announced policy changes are immediately believed. Under this assumption disinflation with a structure of labor contracts like those of the United States would be less costly than typically estimated. The model is then modified to allow for the slow adjustment of expectations of policy to actual policy; sacrifice ratios then approach the ranges typically estimated. The sacrifice ratio for the current disinflation is calculated in the last section: the current disinflation was somewhat more rapid and less costly than previous estimates suggested. The calculated sacrifice ratio is consistent with the predictions of the simple contracting model.
Book Synopsis The Inflation Persistence of Staggered Contracts by : Luca Guerrieri
Download or read book The Inflation Persistence of Staggered Contracts written by Luca Guerrieri and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Persistence and Relative Contracting by : John C. Driscoll
Download or read book Inflation Persistence and Relative Contracting written by John C. Driscoll and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomists have for some time been aware that the New Keynesian Phillips curve, though highly popular in the literature, cannot explain the persistence observed in actual inflation. We argue that one of the more prominent alternative formulations, the Fuhrer and Moore (1995) relative contracting model, is highly problematic. Fuhrer and Moore's 1995 formulation generates inflation persistence, but this is a consequence of their assuming that workers care about the past real wages of other workers. Making the more reasonable assumption that workers care about the current real wages of other workers, one obtains the standard formulation with no inflation persistence.
Book Synopsis An Anatomy of the Phillips Curve by : Dennis J. Snower
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:
Book Synopsis Staggered Price Contracts and Inflation Persistence by : Karl Whelan
Download or read book Staggered Price Contracts and Inflation Persistence written by Karl Whelan and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite their popularity as theoretical tools for illustrating the effects of nominal rigidities, some have questioned whether models based on staggered price contracts with rational expectations can match the persistence of the empirical inflation process. This article presents some general results about this class of models. It is shown that these models do not have a problem matching high autocorrelations for inflation. However, they fail to explain a key feature of reduced-form Phillips-curve regressions: The positive dependence of inflation on its own lags. It is shown that staggered price contracting models instead predict that the coefficients on these lag terms should be negative.
Book Synopsis Optimal Monetary Policy in a Model of Overlapping Price Contracts by : Jeffrey C. Fuhrer
Download or read book Optimal Monetary Policy in a Model of Overlapping Price Contracts written by Jeffrey C. Fuhrer and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The New Keynesian Economics by : Jeff Frank
Download or read book The New Keynesian Economics written by Jeff Frank and published by Brighton, Sussex : Wheatsheaf Books. This book was released on 1986 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wage Contracting, Exchange Rate Volatility, and Exchange Intervention Policy by : Matthew B. Canzoneri
Download or read book Wage Contracting, Exchange Rate Volatility, and Exchange Intervention Policy written by Matthew B. Canzoneri and published by . This book was released on 1982 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Department of Labor. Office of the Assistant Secretary for Policy, Evaluation, and Research Publisher : ISBN 13 : Total Pages :126 pages Book Rating :4.:/5 (31 download)
Book Synopsis ASPER Research and Evaluation Projects 1970-79 by : United States. Department of Labor. Office of the Assistant Secretary for Policy, Evaluation, and Research
Download or read book ASPER Research and Evaluation Projects 1970-79 written by United States. Department of Labor. Office of the Assistant Secretary for Policy, Evaluation, and Research and published by . This book was released on 1980 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotated bibliography of evaluation and research reports emanating from the USA department of labor (asper) on the labour market, economic policy, employment and vocational training programmes for the period from 1970 to 1979.
Book Synopsis Prices and Quantities by : Arthur M Okun
Download or read book Prices and Quantities written by Arthur M Okun and published by Brookings Institution Press. This book was released on 2011-10-01 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past decade Arthur M. Okun, like many economists, focused attention on finding ways to fight inflation without sacrificing goals of high employment and prosperity. In recent years the economy has been plagued by stagflation—the simultaneous persistence of high inflation and high unemployment. Traditional methods of aggregate demand management that have been reasonably successful in curing either one or the other of these problems have not been effective, and the nation has not been able to contain inflation even in periods of economic slack. It now seems clear that the economists’ traditional model that presumes short-run flexibility in wages and prices no longer holds for most of the industrial world, and hence the response of inflation to shifts in macroeconomic policy is weak. In this volume Okun seeks to explain that loss of responsiveness by analyzing how modern labor and product markets work and how they are structured. A central feature of Okun’s analysis is implicit contract theory, which recognizes that efficiency-maximizing decisions by business firms reflect long-term considerations as well as short-term changes in markets. His interpretation of microeconomic behavior and macroeconomic performance provides a basis for the design of policies to deal with stagflation.
