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Neo-classical labour market dynamics, chaos and the Phillips curve

Fanti, Luciano; Manfredi, Piero - Dipartimento di Economia e Management, Università … - 2003

The relationship between wage inflation and unemployment has been extensively investigated since the early work of Phillips (1958) and Lipsey (1960), and is still a matter of debate. In this paper we study the dynamics of a standard neoclassical labour market under Walrasian adjustment rules. We...

Persistent link: https://www.econbiz.de/10005636481

Neo-classical labour market dynamics and uniform expectations: chaos and the resurrection of the Phillips Curve

fanti, Luciano - Dipartimento di Economia e Management, Università … - 2004

In this paper we develop a simple model of the labour market in the neoclassical framework dating back to Friedman (1968) and Phelps (1968), among others. According to the existing literature wage expectations should be formed in a different way by firms and individuals in order temporary...

Persistent link: https://www.econbiz.de/10005604265

Neo-classical Labour Market Dynamics and Wage Expectations: Chaos and the "Resurrection" of the Phillips Curve

FANTI, Luciano - In: Rivista Italiana degli Economisti 11 (2006) 2, pp. 217-240

In this paper we develop a simple model of the labour market in the neoclassical framework. According to the mainstream literature, dating back to, e.g., Friedman (1968) and Phelps (1968), only temporary deviations from the natural rate of employment may take place in the "expectations...

Persistent link: https://www.econbiz.de/10008629895

Neo-classical Labour Market Dynamics and Wage Expectations: Chaos and the "Resurrection" of the Phillips Curve

Luciano, Fanti - In: Rivista italiana degli economisti (2006) 2, pp. 217-240

Persistent link: https://www.econbiz.de/10010651445

The nonlinearity of the Phillips curve and European monetary policy

Pyyhtiä, Ilmo - 1999

and with country-specific models.The results give a clear indication of nonlinearity of the Phillips curve in many euro … of the Phillips curve.The policy implication of nonlinearity is clear.The costs of unduly expansive monetary policy could … be high in the euro area in the medium term.Nonlinearity also means that inflation pressure in the euro area is dependent …

Persistent link: https://www.econbiz.de/10012147779

Neural networks as econometric tool

van Dijk, Herman K.; Kaashoek, Kaashoek, J.F. - Faculteit der Economische Wetenschappen, Erasmus … - 2000

The flexibility of neural networks to handle complex data patterns of economic variables is well known. In this survey we present a brief introduction to a neural network and focus on two aspects of its flexibility . First, a neural network is used to recover the dynamic properties of a...

Persistent link: https://www.econbiz.de/10010731655

Nonlinearities and outliers: robust specification of STAR models

Franses, Philip Hans; van Dijk, Dick; Escribano, A. - Faculteit der Economische Wetenschappen, Erasmus … - 1998

Outliers and nonlinearity may easily be mistaken. This paper uses Monte Carlo methods to examine and compare the …

Persistent link: https://www.econbiz.de/10010837988

Mind the output gap: the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area

Gross, Marco; Semmler, Willi - 2017

We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale underlying the capacity constraint theory (Macklem...

Persistent link: https://www.econbiz.de/10011606049

Nonlinear Phillips curve, NAIRU and monetary policy rules

Huh, Hyeon-seung; Lee, Hyun; Lee, Namkyung - In: Empirical Economics 37 (2009) 1, pp. 131-151

Persistent link: https://www.econbiz.de/10005061348

The Nonlinearity of the Phillips Curve and European Monetary Policy

Pyyhtiä, Ilmo - Suomen Pankki - 1999

pooled data and with country-specific models. The results give a clear indication of nonlinearity of the Phillips curve in … between countries as regards the slope and shape of the Phillips curve. The policy implication of nonlinearity is clear. The … costs of unduly expansive monetary policy could be high in the euro area in the medium term. Nonlinearity also means that …

Persistent link: https://www.econbiz.de/10005648941