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Author : Robert Graham King
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.3/5 ( download)
Download or read book The Post-war U.S. Phillips Curve written by Robert Graham King and published by . This book was released on 1994 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles L. EVANS
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book THE POST-WAR US PHILLIPS CURVE: A COMMENT written by Charles L. EVANS and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles Evans
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.3/5 ( download)
Download or read book The Post-War U.S. Phillips Curve written by Charles Evans and published by . This book was released on 1994 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Graham King
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.3/5 ( download)
Download or read book The Post-war U.S. Phillips Curve written by Robert Graham King and published by . This book was released on 1994 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)
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.
Author : Teresa M. Daloian
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (955 download)
Download or read book Inflation and Unemployment in the Post-World War II United States written by Teresa M. Daloian and published by . This book was released on 1979 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Setterfield
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book Structural Change in the US Phillips Curve, 1948-2021 written by Mark Setterfield and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an institutional-analytical account of changes in the structure of the US Phillips curve (PC) during the post-war period. It does so by restoring conflict and power to the forefront of macro theory and, in particular, the wage- and price-setting behaviour of workers and firms. The resulting account is consistent with the main stylized facts that characterize the evolution of the US PC since 1948: the disappearance and subsequent reappearance of a 'standard' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the flattening of the PC since the 1990s.
Author : James Forder
Publisher : OUP Oxford
ISBN 13 : 0191506567
Total Pages : 321 pages
Book Rating : 4.1/5 (915 download)
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.
Author : Francesca Rondina
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (993 download)
Download or read book Model Uncertainty and the Direction of Fit of the Postwar U.S. Phillips Curve(s) written by Francesca Rondina and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a model uncertainty framework that accounts for the uncertainty about both the specification of the Phillips curve and the identification assumption to be used for parameter estimation. More specifically, the paper extends the framework employed by Cogley and Sargent (2005) to incorporate uncertainty over the direction of fit of the Phillips curve. I first study the evolution of the model posterior probabilities, which can be interpreted as a measure of the econometrician's real-time beliefs over the prevailing model of the Phillips curve. I then characterize the optimal policy rule within each model, and I analyze alternative policy recommendations that incorporate model uncertainty. As expected, different directions of fit of the same model of the Phillips curve imply very different optimal policy choices, with the "Classical" specifications typically suggesting low and stable optimal inflation rates. I also find that allowing rational agents to incorporate model uncertainty in their exp.
Author : Thomas J. Sargent
Publisher : Princeton University Press
ISBN 13 : 9780691090122
Total Pages : 168 pages
Book Rating : 4.0/5 (91 download)
Download or read book The Conquest of American Inflation written by Thomas J. Sargent and published by Princeton University Press. This book was released on 1999 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Conquest of American Inflation, Thomas J. Sargent presents an analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Model Uncertainty and the Direction of Fit of the Postwar U.S. Phillips Curve(s). written by and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a model uncertainty framework that accounts for the uncertainty about both the specification of the Phillips curve and the identification assumption to be used for parameter estimation. More specifically, the paper extends the framework employed by Cogley and Sargent (2005) to incorporate uncertainty over the direction of fit of the Phillips curve. I first study the evolution of the model posterior probabilities, which can be interpreted as a measure of the econometrician's real-time beliefs over the prevailing model of the Phillips curve. I then characterize the optimal policy rule within each model, and I analyze alternative policy recommendations that incorporate model uncertainty. As expected, different directions of fit of the same model of the Phillips curve imply very different optimal policy choices, with the "Classical" specifications typically suggesting low and stable optimal inflation rates. I also find that allowing rational agents to incorporate model uncertainty in their expectations does not change the optimal or robust policies. On the other hand, I show that the models' fit to the data and the robust policy recommendations are affected by the specific price index that is used to measure in inflation.
Author : James Forder
Publisher : Oxford University Press, USA
ISBN 13 : 0199683654
Total Pages : 321 pages
Book Rating : 4.1/5 (996 download)
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.
Author : Robert M. Solow
Publisher : MIT Press
ISBN 13 : 9780262692229
Total Pages : 140 pages
Book Rating : 4.6/5 (922 download)
Download or read book Inflation, Unemployment, and Monetary Policy written by Robert M. Solow and published by MIT Press. This book was released on 1998 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
Author : Yuelin Liu
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)
Download or read book Structural Evolution of the Postwar U.S. Economy written by Yuelin Liu and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a time-varying parameter vector autoregressive model with stochastic volatility and mixture innovations to study the empirical relevance of the Lucas critique for the postwar U.S. economy. The model allows blocks of parameters to change at endogenously-estimated points of time. Contrary to the Lucas critique, there are large changes at certain points of time in the parameters associated with monetary policy that do not correspond to changes in “reduced-form” parameters for inflation or the unemployment rate. However, the structure of the U.S. economy has evolved considerably over the postwar period, with an apparent reduction in the late 1980s in the impact of monetary policy shocks on inflation, though not on the unemployment rate. Related, we find changes in the Phillips Curve tradeoff between inflation and cyclical unemployment (measured as the deviation from the time-varying steady-state unemployment rate implied by the model) in the 1970s and especially since the mid-1990s.
Author : Robert A. Blecker
Publisher : Edward Elgar Publishing
ISBN 13 : 1784718904
Total Pages : 643 pages
Book Rating : 4.7/5 (847 download)
Download or read book Heterodox Macroeconomics written by Robert A. Blecker and published by Edward Elgar Publishing. This book was released on 2019 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Arial} The last few decades have witnessed an outpouring of literature on macroeconomic models in the broad ‘heterodox’ tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day – such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable – can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications.
Author : Alan S. Blinder
Publisher : Elsevier
ISBN 13 : 1483264564
Total Pages : 244 pages
Book Rating : 4.4/5 (832 download)
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.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)
Download or read book Monetary Policy, Unemployment and Wage Rates; the U.S. Postwar Experience written by and published by . This book was released on 1971 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Text of a lecture on monetary policy, wages rates and unemployment in the USA since world war 2 - outlines the features of modern economic theories of inflation, presents lipsey's theoretical justification of the Phillips curve, based on a simple demand and supply model, and includes a literature survey. References and statistical tables.
