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Abstract

En este trabajo examinamos la crítica de Friedman a la Curva de Phillips. Asumiendo que el salario real equilibra el mercado de trabajo, demostramos la inconsistencia lógica del análisis de Friedman: la verticalidad de la curva de Phillips sólo es posible si el desequilibrio en el mercado de trabajo no afecta al stock de capital de la economía. Finalmente, aplicamos nuestro hallazgo a la economía española (1960 - 2003), utilizando la metodología VAR, obteniendo que la curva de Phillips tiene pendiente negativa en el largo plazo.

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File URL: http://www.eumed.net/ce/2007c/jfbr-phillips.htm
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Bibliographic Info

Article provided by Grupo Eumed.net (Universidad de Málaga) in its journal Contribuciones a la Economía.

Volume (Year): (2007)
Issue (Month): 2007-12 (December)
Pages:

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Handle: RePEc:erv:contri:y:2007:i:2007-12:2

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Web page: http://www.eumed.net/ce/

Related research

Keywords: Phillips´ Curve; Monetarism; Wage Adjustment;

References

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1. Schaling, E., 1998. "The Nonlinear Phillips Curve and Inflation Forecast Targeting - Symmetric Versus Asymmetric Monetary Policy Rules," Discussion Paper 1998-136, Tilburg University, Center for Economic Research.
   
   • Schaling, Eric, 2004. "The Nonlinear Phillips Curve and Inflation Forecast Targeting: Symmetric versus Asymmetric Monetary Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(3), pages 361-86, June.
2. Juan J. Dolado & Juan F. Jimeno, . "The causes of Spanish unemployment: A structural VAR apporach," Working Papers 96-19, FEDEA.
   
   • Dolado, Juan J. & Jimeno, Juan F., 1997. "The causes of Spanish unemployment: A structural VAR approach," European Economic Review, Elsevier, vol. 41(7), pages 1281-1307, July.
   • Dolado, Juan José & Jimeno, Juan F., . "The Causes of Spanish Unemployment: A Structural VAR Approach," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/3274, Universidad Carlos III de Madrid.
3. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
4. Thomas J. Sargent, 1973. "Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(2), pages 429-480.
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6. N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," Harvard Institute of Economic Research Working Papers 1922, Harvard - Institute of Economic Research.
   
   • N. Gregory Mankiw & Ricardo Reis, 2002. "Sticky Information Versus Sticky Prices: A Proposal To Replace The New Keynesian Phillips Curve," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1295-1328, November.
   • N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky information versus sticky prices: a proposal to replace the New-Keynesian Phillips curve," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
   • N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," NBER Working Papers 8290, National Bureau of Economic Research, Inc.
   • Mankiw, N. Gregory & Reis, Ricardo, 2002. "Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," Scholarly Articles 3415324, Harvard University Department of Economics.
7. N. Gregory Mankiw, 2000. "The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment," Harvard Institute of Economic Research Working Papers 1905, Harvard - Institute of Economic Research.
   
   • Mankiw, N Gregory, 2001. "The Inexorable and Mysterious Tradeoff between Inflation and Unemployment," Economic Journal, Royal Economic Society, vol. 111(471), pages C45-61, May.
   • N. Gregory Mankiw, 2000. "The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment," NBER Working Papers 7884, National Bureau of Economic Research, Inc.
8. Juan J. Dolado & J. David López-Salido & Juan L. Vega, 2000. "Unemployment and inflation persistence in Spain: Are there Phillips trade-offs?," Spanish Economic Review, Springer, vol. 2(3), pages 267-291.
   
   • Dolado, Juan José & López-Salido, J. David & Vega, Juan L., . "Unemployment and Inflation Persistence in Spain: Are There Phillips Trade-Offs?," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/3268, Universidad Carlos III de Madrid.
9. Ana R. de Lamo & Juan J. Dolado, 1993. "Un modelo del mercado de trabajo y la restricción de oferta en la economía española," Investigaciones Economicas, Fundación SEPI, vol. 17(1), pages 87-118, January.
10. Gómez García, F. & Rebollo Sanz, Y. & Usabiaga Ibáñez, C., 2002. "Nuevas estimaciones de la NAIRU de la economía española: métodos directos," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 20, pages 509-530, Diciembre.
11. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
12. Eric Schaling, 1999. "The non-linear Phillips curve and inflation forecast targeting," Bank of England working papers 98, Bank of England.
13. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-54, April.
14. Inés P. Murillo & Carlos Usabiaga, . "Estimaciones De La Tasa De Paro De Equilibrio De La Economía Española A Partir De La Ley De Okun," Working Papers 15-03 Classification-JEL , Instituto de Estudios Fiscales.
15. Jordi Galí, 2000. "The return of the Phillips curve and other recent developments in business cycle theory," Spanish Economic Review, Springer, vol. 2(1), pages 1-10.

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Cited by:

1. José Francisco Bellod Redondo, 2011. "El monetarismo amable de David Hume," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 13(25), pages 387-393, July-Dece.

Lists

This item is featured on the following reading lists or Wikipedia pages:

1. Curva de Phillips in Wikipedia (Spanish)
2. Milton Friedman in Wikipedia (Spanish)

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