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A reappraisal of the inflation-unemployment tradeoff.
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - Kiel Institute for the World Economy - 2005
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …
Persistent link: https://www.econbiz.de/10008520206
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Strukturelle Arbeitslosigkeit in Europa: Eine Bestandsaufnahme
Beissinger, Thomas - Wirtschaftswissenschaftliche Fakultät, Universität … - 2003
usually interpreted as the unemployment that is consistent with a constant inflation rate in the long run. This unemployment … detailed examination of the empirical studies shows the low robustness and inconsistency of the estimation results. Therefore …
Persistent link: https://www.econbiz.de/10005176945
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Friedman's Characterization of the Natural Rate of Unemployment
Velupillai, K. Vela - Dipartimento di Economia e Management, Università … - 2014
Arguably, of the many pioneering classics authored by Milton Friedman, it is his Presidential Address to the American Economic Association, in December, 1967, published as The Role of Monetary Policy in the AEA, in March, 1968, that may have had the greatest impact in serious policy circles. In...
Persistent link: https://www.econbiz.de/10010941823
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Structural Evolution of the Postwar U.S. Economy
Liu, Yuelin; Morley, James - School of Economics, UNSW Business School - 2013
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 …
Persistent link: https://www.econbiz.de/10010754533
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Structural Evolution of the Postwar U.S. Economy
Liu, Yuelin; Morley, James - School of Economics, UNSW Business School - 2013
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....
Persistent link: https://www.econbiz.de/10010667888
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Productivity and the Natural Rate of Unemployment
Slacalek, Jiri - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
width of the 95% confidence interval, performs better in an out-of-sample inflation forecasting exercise, and is more robust …
Persistent link: https://www.econbiz.de/10004963765
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Análisis del intercambio entre el producto y la inflación en la economía mexicana
Liquitaya, José D.; Ramírez, Miguel Ángel - In: Revista Nicolaita de Estudios Económicos IV (2009) 1, pp. 85-110
; mainly in the concerning to the tradeoff’s vision between the product and inflation originally postulated by Robert Lucas Jr …. For such effect, a historical recount of the ideas is made regarding the relationship inflation-unemployment until the …
Persistent link: https://www.econbiz.de/10008509685
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Una discusión sobre la curva de Phillips de Friedman y la tasa natural de desempleo
López, Leonardo Raffo - In: Lecturas de Economía (2007) 67, pp. 119-142
In this paper I evaluate the theoretical consistency of Friedman.s Phillips curve. For this, I review his own exposition in the subject, making emphasis in his contributions to the short-run analysis of unemployment, wages and prices in front of the classical theory and Keynes.s .General...
Persistent link: https://www.econbiz.de/10005464636
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Structural evolution of the postwar U.S. economy
Liu, Yuelin; Morley, James - In: Journal of Economic Dynamics and Control 42 (2014) C, pp. 50-68
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 …
Persistent link: https://www.econbiz.de/10011051959
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Long-term unemployment and convexity in the Phillips curve
Speigner, Bradley - Bank of England - 2014
downward pressure on wage inflation has regained significant traction recently. This paper investigates whether the conclusion … that long-term unemployment is only weakly related to inflation depends on the assumption of linearity in the Phillips … curve. Specifically, once convexity is allowed for during the estimation process, long-term unemployment appears to have a …
Persistent link: https://www.econbiz.de/10011102930