Is There A Stable Short Run Phillips Curve

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The Great Inflation

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Macroeconomics and the Phillips Curve Myth

Author : James Forder
Publisher : OUP Oxford
ISBN 13 : 0191506567
Total Pages : 321 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Macroeconomics and the Phillips Curve Myth by : James Forder

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.

A Phillips Curve with Anchored Expectations and Short-Term Unemployment

Author : Laurence M. Ball
Publisher : International Monetary Fund
ISBN 13 : 1498321070
Total Pages : 36 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis A Phillips Curve with Anchored Expectations and Short-Term Unemployment by : Laurence M. Ball

Download or read book A Phillips Curve with Anchored Expectations and Short-Term Unemployment written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2015-02-25 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good when we measure core inflation with the Cleveland Fed’s series on weighted median inflation. We also propose a more general Phillips curve in which core inflation depends on short-term unemployment and on expected inflation as measured by the Survey of Professional Forecasters. This specification fits U.S. inflation since 1985, including both the anchored-expectations period of the 2000s and the preceding period when expectations were determined by past levels of inflation.

Understanding Inflation and the Implications for Monetary Policy

Author : Jeff Fuhrer
Publisher : MIT Press
ISBN 13 : 026225820X
Total Pages : 517 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Understanding Inflation and the Implications for Monetary Policy by : Jeff Fuhrer

Download or read book Understanding Inflation and the Implications for Monetary Policy written by Jeff Fuhrer and published by MIT Press. This book was released on 2009-09-11 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson

Inflation Expectations

Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis Inflation Expectations by : Peter J. N. Sinclair

Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

New Tools of Economic Dynamics

Author : Jacek Leskow
Publisher : Springer Science & Business Media
ISBN 13 : 3540284443
Total Pages : 397 pages
Book Rating : 4.5/5 (42 download)

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Book Synopsis New Tools of Economic Dynamics by : Jacek Leskow

Download or read book New Tools of Economic Dynamics written by Jacek Leskow and published by Springer Science & Business Media. This book was released on 2006-05-06 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Tools of Economic Dynamics gives an introduction and overview of recently developed methods and tools, most of them developed outside economics, to deal with the qualitative analysis of economic dynamics. It reports the results of a three-year research project by a European and Latin American network on the intersection of economics with mathematical, statistical, and computational methods and techniques. Focusing upon the evolution and manifold structure of complex dynamic phenomena, the book reviews and shows applications of a variety of tools, such as symbolic and coded dynamics, interacting agents models, microsimulation in econometrics, large-scale system analysis, and dynamical systems theory. It shows the potential of a comprehensive analysis of growth, fluctuations, and structural change along the lines indicated by pioneers like Harrod, Haavelmo, Hicks, Goodwin, Morishima, and it highlights the explanatory power of the qualitative approach they initiated.

The Great Recession and the Inflation Puzzle

Author : Mr.Troy Matheson
Publisher : International Monetary Fund
ISBN 13 : 148431106X
Total Pages : 12 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Great Recession and the Inflation Puzzle by : Mr.Troy Matheson

Download or read book The Great Recession and the Inflation Puzzle written by Mr.Troy Matheson and published by International Monetary Fund. This book was released on 2013-05-22 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s. Using a non-linear Kalman filter that allows for time-varying parameters, we find that three factors have contributed to the observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the Phillips curve has flattened; and the importance of import-price inflation has increased.

Theories of Inflation

Author : Helmut Frisch
Publisher : Cambridge University Press
ISBN 13 : 9780521295123
Total Pages : 276 pages
Book Rating : 4.2/5 (951 download)

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Book Synopsis Theories of Inflation by : Helmut Frisch

Download or read book Theories of Inflation written by Helmut Frisch and published by Cambridge University Press. This book was released on 1983 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: A survey of the new theories of inflation that have developed over the past two decades in response to the inflationary pressures experienced by Western countries examines the shifting debate from explaining inflation as a "causal" process to explaining its increase as a result of constantly changing expectations.

Author :
Publisher : Cengage Learning
ISBN 13 : 0357723139
Total Pages : 478 pages
Book Rating : 4.3/5 (577 download)

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Book Synopsis by :

Download or read book written by and published by Cengage Learning. This book was released on with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Policy and the Great Stagflation

Author : Alan S. Blinder
Publisher : Elsevier
ISBN 13 : 1483264564
Total Pages : 244 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis Economic Policy and the Great Stagflation by : Alan S. Blinder

Download or read book Economic Policy and the Great Stagflation written by Alan S. Blinder and published by Elsevier. This book was released on 2013-09-11 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.

Hysteresis and Business Cycles

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Advanced Placement Economics

Author : John S. Morton
Publisher : Council for Economic Educat
ISBN 13 : 9781561835676
Total Pages : 350 pages
Book Rating : 4.8/5 (356 download)

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Book Synopsis Advanced Placement Economics by : John S. Morton

Download or read book Advanced Placement Economics written by John S. Morton and published by Council for Economic Educat. This book was released on 2003 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Wage Curve

Author : David G. Blanchflower
Publisher : MIT Press
ISBN 13 : 9780262023757
Total Pages : 504 pages
Book Rating : 4.0/5 (237 download)

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Book Synopsis The Wage Curve by : David G. Blanchflower

Download or read book The Wage Curve written by David G. Blanchflower and published by MIT Press. This book was released on 1994 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wage Curve casts doubt on some of the most important ideas in macroeconomics, labor economics, and regional economics. According to macroeconomic orthodoxy, there is a relationship between unemployment and the rate of change of wages. According to orthodoxy in labor economics and regional economics an area's wage is positively related to the amount of joblessness in the area. The Wage Curve suggests that both these beliefs are incorrect. Blanchflower and Oswald argue that the stable relationship is a downward-sloping convex curve linking local unemployment and the level of pay. Their study, one of the most intensive in the history of social science, is based on random samples that provide computerized information on nearly four million people from sixteen countries. Throughout, the authors systematically present evidence and possible explanations for their empirical law of economics.

Unemployment, Hysteresis, and the Natural Rate Hypothesis

Author : Rod Cross
Publisher : Wiley-Blackwell
ISBN 13 : 9780631156888
Total Pages : 416 pages
Book Rating : 4.1/5 (568 download)

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Book Synopsis Unemployment, Hysteresis, and the Natural Rate Hypothesis by : Rod Cross

Download or read book Unemployment, Hysteresis, and the Natural Rate Hypothesis written by Rod Cross and published by Wiley-Blackwell. This book was released on 1988 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macroeconomics and the Phillips Curve Myth

Author : James Forder
Publisher : Oxford University Press, USA
ISBN 13 : 0199683654
Total Pages : 321 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Macroeconomics and the Phillips Curve Myth by : James Forder

Download or read book Macroeconomics and the Phillips Curve Myth written by James Forder and published by Oxford University Press, USA. This book was released on 2014 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 naive as it has been portrayed.

Principles of Macroeconomics:

Author : Ahuja H.L.
Publisher : S. Chand Publishing
ISBN 13 : 9383746939
Total Pages : 640 pages
Book Rating : 4.3/5 (837 download)

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Book Synopsis Principles of Macroeconomics: by : Ahuja H.L.

Download or read book Principles of Macroeconomics: written by Ahuja H.L. and published by S. Chand Publishing. This book was released on with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: this textbook thoroughly explains the principles of macroeconomics. It provides insights into the important macroeconomic issues, such as determination of output, employment, interest rates and inflation. This textbook discusses Classical and Keynesian theories of macroeconomics as well as aptly incorporates Post-Keynesian developments in various aspects of macroeconomics. Further it discusses, at appropriate places, the relevance and applicability of various macroeconomic theories for the developing countries. This textbook also explains and critically evaluates the post-Keynesian theories of consumption function namely, Kuznets consumption function, Modiglianis life cycle hypothesis and much more.

Macroeconomics

Author : HL Ahuja
Publisher : S. Chand Publishing
ISBN 13 : 9385401351
Total Pages : pages
Book Rating : 4.3/5 (854 download)

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Book Synopsis Macroeconomics by : HL Ahuja

Download or read book Macroeconomics written by HL Ahuja and published by S. Chand Publishing. This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics - Theory and Policy provides a comprehensive coverage of all the important theories and policies of macroeconomics. The book is an exhaustive text for understanding all the relevant concepts and current developments in the subject. It traces the relevance of Keynesian theories to the developing economies and has critically examined the post-Keynesian developments.