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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
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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
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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
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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
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/10010651445
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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
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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
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The Phillips curve in the US : a nonlinear quantile regression approach
Xu, Qifa; Niu, Xufeng; Jiang, Cuixia; Huang, Xue - In: Economic modelling 49 (2015), pp. 186-197
Persistent link: https://www.econbiz.de/10011439528
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Sources and channels of nonlinearities and instabilities of the Phillips curve : results for the euro area and its member states
Reichold, Karsten; Wagner, Martin; Damjanović, Milan; … - 2022
This paper presents evidence for sources and channels of nonlinearities and instabilities of the new Keynesian Phillips curve (NKPC) for the euro area and all but four member states over the last two decades prior to the COVID-19 crisis. The approach rests upon misspecification testing using...
Persistent link: https://www.econbiz.de/10013206662
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The nonlinearity of the new Keynesian Phillips Curve : the case of Tunisia
Kobbi, Imen; Gabsi, Foued Badr - In: Economies : open access journal 5 (2017) 3, pp. 1-12
This article seeks to check the nonlinearity of the Phillips curve in Tunisia for the 1993–2012 period, relying on a …
Persistent link: https://www.econbiz.de/10011754075
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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 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/10011636803