Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective
AbstractIn 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the "Phillips curve" became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors include Lawrence Ball, Ben S. Bernanke, Olivier Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Galí, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartosz Ma?kowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian Rodney Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, and Mark W. Watson.
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Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262013630 and published in 2009.
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inflation; Phillips curve; monetary policy;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Laurence Ball & Nicolás De Roux & Marc Hofstetter, 2011.
"Unemployment in Latin America and the Caribbean,"
008917, UNIVERSIDAD DE LOS ANDES-CEDE.
- Laurence Ball & Nicol�s De Roux & Marc Hofstetter, 2011. "Unemployment in Latin America and the Caribbean," Economics Working Paper Archive 582, The Johns Hopkins University,Department of Economics.
- International Monetary Fund, 2011. "Unemployment in Latin America and the Caribbean," IMF Working Papers 11/252, International Monetary Fund.
- Laurence M. Ball & Nicolás De Roux & Marc Hofstetter, 2011. "Unemployment in Latin America and the Caribbean," NBER Working Papers 17274, National Bureau of Economic Research, Inc.
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