Evaluating the German (New Keynesian) Phillips curve
نویسندگان
چکیده
منابع مشابه
Evaluating the New Keynesian Phillips Curve under VAR-based Learning
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I n most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve. The Phillips curve is sometimes viewed as a menu for monetary policymakers, that is, they can choose between high inflation and low unempl...
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www.philadelphiafed.org to the financial instruments that help guard savings from being eroded by inflation.1 Also, households and firms often write contracts that are stated in dollar amounts (nominal terms). A worker may, for example, sign a contract to work over the upcoming year for a fixed dollar amount. If inflation turns out to be higher than what was expected at the time the contract wa...
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* I would like to thank Lutz Weinke for calling my attention to a mistake in my previous analysis of this model, Larry Christiano for helpful discussions, and Mauro Roca for research assistance.
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ژورنال
عنوان ژورنال: The North American Journal of Economics and Finance
سال: 2010
ISSN: 1062-9408
DOI: 10.1016/j.najef.2009.06.001