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Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals
Krolzig, Hans-Martin; Flaschel, Peter - Department of Economics, Oxford University - 2003
In this paper we introduce a small Keynesian model of economic growth which is centered around two advanced types of Phillips curves, one for money wages and one for prices, both being augmented by perfect myopic foresight and supplemented by a measure of the medium-term inflationary climate...
Persistent link: https://www.econbiz.de/10010605118
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Wage and Price Phillips Curves
Krolzig, Hans-Martin; Flaschel, Peter - Royal Economic Society - RES - 2003
In this paper we introduce a small Keynesian model of economic growth which is centered around two advanced types of Phillips curves, one for money wages and one for prices, both being augmented by perfect myopic foresight and supplemented by a measure of the medium-term inflationary climate...
Persistent link: https://www.econbiz.de/10005022102
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Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals
Flaschel, Peter; Krolzig, Hans-Martin - Economics Group, Nuffield College, University of Oxford - 2003
In this paper we introduce a small Keynesian model of economic growth which is centered around two advanced types of Phillips curves, one for money wages and one for prices, both being augmented by perfect myopic foresight and supplemented by a measure of the medium-term inflationary climate...
Persistent link: https://www.econbiz.de/10005730280
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Disequilibrium macroeconomic dynamics, income distribution and wage-price Phillips curves : evidence from the US and the euro area
Proaño Acosta, Christian; Flaschel, Peter; Ernst, Ekkehard - 2006
current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model … correction terms, and indirectly of income distribution, in the dynamics of wage and price inflation in the U.S. and the euro …
Persistent link: https://www.econbiz.de/10003744531
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Keynesian Macrodynamics and the Phillips Curve : An Estimated Baseline Macromodel for the U.S. Economy
Chen, Pu - 2006
rate rule. It is based on sticky wages and prices, perfect foresight of current inflation rates and adaptive expectations … concerning the inflation climate in which the economy operates. A version of Okun's law is used to link capacity utilization to … will lose this feature if the inflationary climate variable or the price inflation rate itself adjusts sufficiently fast …
Persistent link: https://www.econbiz.de/10012734101
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Stock market booms, endogenous credit creation and the implications of broad and narrow banking for macroeconomic stability
Chiarella, Carl; Flaschel, Peter; Hartmann, Florian; … - Department of Economics, New School for Social Research - 2011
Persistent link: https://www.econbiz.de/10011196537
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Keynesian Macrodynamics: Convergence, Roads to Instability and the Emergence of Complex Business Fluctuations
Chiarella, Carl; Hung, Hing; Flaschel, Peter - In: Czech Economic Review 4 (2010) 3, pp. 236-262
essential features of the model are gradually adjusting wages and prices, perfect foresight on current inflation rates and an … results are however endangered when there is a global floor to money wage inflation rates, leading in fact to economic …
Persistent link: https://www.econbiz.de/10008727387
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Overconsumption, credit rationing and bailout monetary policy: A Minskyan perspective
Charpe, Matthieu; Flaschel, Peter; Proano, Christian; … - In: European Journal of Economics and Economic Policies: … 6 (2009) 2, pp. 247-270
We consider a Keynes-Goodwin model of effective demand and the distributive cycle where workers purchase goods and houses with a marginal propensity significantly larger than one. They therefore need credit, supplied from asset holders, and have to pay interest on their outstanding debt. In this...
Persistent link: https://www.econbiz.de/10010701847
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Credit Driven Investment, Heterogeneous Labor Markets and Macroeconomic Dynamics
Charpe, Matthieu; Flaschel, Peter; Krolzig, Hans-Martin; … - Institut für Makroökonomie und Konjunkturforschung … - 2013
In this paper we set up a baseline, but nevertheless advanced and complete model representing detailed goods market dynamics, heterogeneous labor markets, dual and cross-dual wage-price adjustment processes, as well as counter-cyclical government policies. The cyclical movements of output...
Persistent link: https://www.econbiz.de/10010858916
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Workers’ debt, default and the diversity of financial fragilities
Charpe, Matthieu; Flaschel, Peter - In: Structural Change and Economic Dynamics 27 (2013) C, pp. 48-65
This paper presents a model addressing the conditions under which financial instability arises in the event of household debt. The model addresses two main cases. First, household debt is affected by functional income distribution. Second, household debt is affected by credit supply and depends...
Persistent link: https://www.econbiz.de/10010719337