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Understanding inflation and the implications for monetary policy :a Phillips curve retrospective

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.

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Series Title
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Call Number
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Publisher
Cambridge, Massachusetts : MIT Press,.,
Collation
1 online resource (xiii, 502 pages) :illustrations
Language
English
ISBN/ISSN
9780262258784
Classification
NONE
Content Type
text
Media Type
computer
Carrier Type
online resource
Edition
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Subject(s)
Monetary policy
Unemployment
Inflation (Finance)
Phillips curve
Specific Detail Info
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Statement of Responsibility
Other Information
Cataloger
umi
Source
https://direct.mit.edu/books/edited-volume/3156/Understanding-Inflation-and-the-Implications-for
Validator
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Digital Object Identifier (DOI)
https://doi.org/10.7551/mitpress/9780262013635.001.0001
Journal Volume
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Journal Issue
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