Phillips Curves, Phillips Lines and the Unemplyment Costs of Overheating PDF Download
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Author: Mr.Peter B. Clark
Publisher: International Monetary Fund
ISBN: 145184350X
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models.
Author: Mr.Peter B. Clark
Publisher: International Monetary Fund
ISBN: 145184350X
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models.
Author: Peter Barton Clark
Publisher:
ISBN: 9780853284710
Category : Economics
Languages : en
Pages : 63
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Book Description
Author:
Publisher:
ISBN:
Category : Classification
Languages : en
Pages : 972
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Book Description
Author: D. Mayes
Publisher: Springer
ISBN: 0230304648
Category : Political Science
Languages : en
Pages : 252
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Book Description
This book presents a clear exposition of what constitutes asymmetry in economics. It provides an empirical application of these ideas in the case of the EU. In particular, it shows how important asymmetry is for the appropriate design of policy in the Euro Area.
Author: International Monetary Fund
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 196
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Book Description
Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1451937504
Category : Business & Economics
Languages : en
Pages : 458
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Book Description
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Author:
Publisher:
ISBN:
Category : Germany
Languages : en
Pages : 180
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Book Description
Author: Mr.Douglas Laxton
Publisher: International Monetary Fund
ISBN: 1451853424
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557759801
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Author: Patrizia Canziani
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 52
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Book Description
Explores the relationship between the amount and kind of information available on the occupational qualification of new workers and enterprise level labour costs.
