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(Federal Reserve, 1997-10-14)The standard derivation of the accelerationist Phillips curve relates expected real wage inflation to the unemployment rate and invokes a constant price markup and adaptive expectations to generate the accelerationist price ...
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(Federal Reserve, 2001-06-26)Is the observed correlation between current and lagged inflation a function of backward-looking inflation expectations, or do the lags in inflation regressions merely proxy for rational forward-looking expectations, as in ...
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(Federal Reserve, 1999-12)Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related expected real wage inflation to the unemployment rate and then invoked markup pricing and adaptive expectations to generate ...
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(University College Dublin. School of Economics, 2001-03)For a given degree of wage stickiness, there is an inverse relationship between the price-level and employment effects of a nominal shock. Various contributors to the literature on optimal currency areas have extrapolated ...
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(Federal Reserve, 2003-07-23)This paper presents a re-formulated version of a canonical sticky-price model that has been extended to account for variations over time in the central bank's inflation target. We derive a closed-form solution for the ...
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(Blackwell - published on behalf of The Ohio State University, 2005-04)A number of researchers have recently argued that the new-Keynesian Phillips curve matches the empirical behavior of inflation well when the labor income share is used as a driving variable, but fits poorly when deterministically ...
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(Central Bank of Ireland, 2002-06)Woodford (2001) has presented evidence that the new-Keynesian Phillips curve fits the empirical behavior of inflation well when the labor income share is used as a driving variable, but fits poorly when deterministically ...
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(University College Dublin, School of Economics, 2006-11)Ball and Moffitt (2001) present a theory implying that the gap between productivity and wage aspirations can shift the traditional Phillips Curve. We examine their theory within the OECD. The results show that there is no ...
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(University College Dublin, School of Economics, 2000-06)Low rates of inflation have been recorded in the United States in recent years despite a decline in the unemployment rate. This phenomenon could be the result of a series of transitory shocks or of a permanent change in ...
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(International Monetary Fund, Western Hemisphere Department, 1998-09)Low rates of inflation have been recorded in the United States in recent years despite a decline in the unemployment rate. This phenomenon could be the result of a series of transitory shocks or of a permanent change in ...