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Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective

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Editor Info

  • Jeff Fuhrer
    () (Federal Reserve Bank of Boston)
  • Jane Sneddon Little
    () (Federal Reserve Bank of Boston)
  • Yolanda K. Kodrzycki
    () (Federal Reserve Bank of Boston)
  • Giovanni P. Olivei
    () (Federal Reserve Bank of Boston)

Additional information is available for the following registered editor(s):

Abstract

In 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 Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262013630 and published in 2009.

Volume: 1
Edition: 1
ISBN: 0-262-01363-0
Handle: RePEc:mtp:titles:0262013630

Contact details of provider:
Web page: http://mitpress.mit.edu

Related research

Keywords: inflation; Phillips curve; monetary policy;

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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Janet Yellen Gives First Speech On Monetary Policy As Fed Chair
    by Matthew Boesler in Business Insider on 2014-04-16 16:25:00
  2. Yellen: Monetary Policy and the Economic Recovery
    by Mark Thoma in Economist's View on 2014-04-16 10:08:01
  3. Monetary Policy and the Economic Recovery
    by Guest Author in The Big Picture on 2014-04-19 17:00:27
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Cited by:
  1. International Monetary Fund, 2011. "Unemployment in Latin America and the Caribbean," IMF Working Papers 11/252, International Monetary Fund.

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