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Dinámica macroeconómica y la curva de Philips bajo diversos supuestos sobre el mecanismo de ajuste salarial

  • Alejandro Rodríguez Arana

    (Banco de México)

In a quite simplified model, when nominal wages are completely predetermined, different macroeconomic shocks produce oscillations in output and inflation that can be stable or explosive. If they are stable, in many cases a peculiar dynamics, perhaps complex, appears, where output and inflation show cycles of multiple order. Even in those cases the cycles show well defined patterns. The model of this work suggests that in more real contexts marginal changes in certain rules of price adjustment could generate hyper sensibility of macroeconomic variables to some parameters, as well as dynamic instability.

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File URL: http://codex.colmex.mx:8991/exlibris/aleph/a18_1/apache_media/SLH1QQGPEIJ984JXKFI63A86PLKUFV.pdf
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Article provided by El Colegio de México, Centro de Estudios Económicos in its journal Estudios Económicos.

Volume (Year): 19 (2004)
Issue (Month): 2 ()
Pages: 181-210

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Handle: RePEc:emx:esteco:v:19:y:2004:i:2:p:181-210
Contact details of provider: Web page: http://www.colmex.mx/centros/cee/

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  1. Taylor, John B, 1979. "Staggered Wage Setting in a Macro Model," American Economic Review, American Economic Association, vol. 69(2), pages 108-13, May.
  2. Robert J. Gordon, 1972. "Wage-Price Controls and the Shifting Phillips Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 3(2), pages 385-430.
  3. Rowthorn, R E, 1977. "Conflict, Inflation and Money," Cambridge Journal of Economics, Oxford University Press, vol. 1(3), pages 215-39, September.
  4. Ray C. Fair, 2000. "Testing the NAIRU Model for the United States," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 64-71, February.
  5. George A. Akerlof & William T. Dickens & George L. Perry, 2000. "Near-Rational Wage and Price Setting and the Long-Run Phillips Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 1-60.
  6. Carlos A. Végh Gramont & Guillermo Calvo, 1993. "Stabilization Dynamics and Backward-Looking Contracts," IMF Working Papers 93/29, International Monetary Fund.
  7. Bean, Charles R, 1983. "Targeting Nominal Income: An Appraisal," Economic Journal, Royal Economic Society, vol. 93(372), pages 806-19, December.
  8. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
  9. Ghezzi, Piero, 2001. "Backward-looking indexation, credibility and inflation persistence," Journal of International Economics, Elsevier, vol. 53(1), pages 127-147, February.
  10. 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.
  11. Poole, William, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 197-216, May.
  12. Desai, Meghnad, 1973. "Growth cycles and inflation in a model of the class struggle," Journal of Economic Theory, Elsevier, vol. 6(6), pages 527-545, December.
  13. Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 221-235, April.
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