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A Structuralist Inflation Curve

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Abstract

This paper presents a structuralist model of inflation and applies it to the US economy. The model uses a mark-up rule to specify inflation as a function of income distribution and capacity utilization, as usual in structuralist macroeconomics, but it also includes inflation expectations, the government's inflation target and cost pressures from non-labor inputs as explaining variables. The model shows how inflation and income distribution, measured by the wage share of income, are connected through an inflation curve in the long run.

Suggested Citation

  • Nelson H. Barbosa-Filho, 2014. "A Structuralist Inflation Curve," Metroeconomica, Wiley Blackwell, vol. 65(2), pages 349-376, May.
    • Handle: RePEc:bla:metroe:v:65:y:2014:i:2:p:349-376
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    File URL: http://hdl.handle.net/10.1111/meca.12046
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    References listed on IDEAS

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    1. Thomas I. Palley, 1996. "Post Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37412-6, May.
    2. Anthony Myatt, 1986. "On the Non-Existence of a Natural Rate of Unemployment and Kaleckian Micro Underpinnings to the Phillips Curve," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 8(3), pages 447-462, March.
    3. Nelson H. Barbosa‐Filho & Lance Taylor, 2006. "Distributive And Demand Cycles In The Us Economy—A Structuralist Goodwin Model," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 389-411, July.
    4. Gali, Jordi & Gertler, Mark, 1999. "Inflation dynamics: A structural econometric analysis," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 195-222, October.
    5. Paul C. Dalziel, 1990. "Market Power, Inflation, and Incomes Policies," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 12(3), pages 424-438, March.
    6. Nelson H. Barbosa Filho, 2004. "A Simple Model Of Demand-Led Growth And Income Distribution," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 038, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
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    Cited by:

    1. Tamara Peneva Todorova & Brikena Myftarallari, 2024. "Factors Determining the Average Price Level: A Combined Microeconomic and Macroeconomic Approach," Economies, MDPI, vol. 12(5), pages 1-21, May.
    2. Nelson Henrique Barbosa Filho, 2016. "Elasticity Of Substitution And Social Conflict: A Structuralist Note On Piketty’S Capital In The 21st Century," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 074, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Lucas, Gustavo Daou, 2021. "The (dampened) wage-price spiral: Conflict, endogenous markup and inflation," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 558-566.
    4. Leandro Gomes & Fabio Freitas, 2018. "A Dinâmica Inflacionária No Brasil De 2000 A 2009: Uma Abordagem Multisetorial," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 28, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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