PRODUCTIVITY GROWTH AND THE PHILLIPS CURVE: A REASSESSMENT OF THE US EXPERIENCE

ABSTRACT In this paper, we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e., the interplay of wage staggering and money growth, generates a non‐vertical NPC in the long run and (ii) the Phillips curve (PC) shifts with productivity growth. On this basis we est...

Ausführliche Beschreibung

Gespeichert in:

Bibliographische Detailangaben
Veröffentlicht in:	Bulletin of economic research 2012-07, Vol.64 (3), p.344-366
Hauptverfasser:	Karanassou, Marika, Sala, Hector
Format:	Artikel
Sprache:	eng
Schlagworte:	E24 E31 Econometric models Economic research frictional growth Growth rate Hyperinflation impulse response functions Inflation new Phillips curve Phillips curve Productivity Productivity growth roaring 1990s stagflating 1970s Studies U.S.A Unemployment Unemployment levels Vector-autoregressive models
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!

Schreiben Sie den ersten Kommentar!