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Offre globale en économie ouverte, courbe de Phillips et détermination du taux de chômage naturel : une reformulation théorique

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  • Phaneuf, Louis

    (Université Queen’s (Kingston))

Abstract

Criticizing the fact the Phillips curve wage and price equations are usually reduced form or quasi-reduced form equations without an explicit structural model behind, this article is an attempt to provide a supply side based structural model of the Phillips curve. Of special importance are the theoretical specifications of the resulting wage and price equations that include several new explanatory variables and especially policy variables. After having demonstrated under what structural conditions the price-Phillips curve of this model will be a vertical in the long run, the model is solved for the theoretical specification of the natural rate of unemployment.

Suggested Citation

  • Phaneuf, Louis, 1979. "Offre globale en économie ouverte, courbe de Phillips et détermination du taux de chômage naturel : une reformulation théorique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 55(3), pages 375-396, juillet.
    • Handle: RePEc:ris:actuec:v:55:y:1979:i:3:p:375-396
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    References listed on IDEAS

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    1. Martin S. Feldstein, 1975. "The Importance of Temporary Layoffs: An Empirical Analysis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(3), pages 725-745.
    2. Feldstein, Martin S, 1978. "The Effect of Unemployment Insurance on Temporary Layoff Unemployment," American Economic Review, American Economic Association, vol. 68(5), pages 834-846, December.
    3. Feldstein, Martin S, 1976. "Temporary Layoffs in the Theory of Unemployment," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 937-957, October.
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