Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective
- 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)Registered editor(s):
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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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
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Janet Yellen Gives First Speech On Monetary Policy As Fed Chair
by Matthew Boesler in Business Insider on 2014-04-16 16:25:00
- Yellen: Monetary Policy and the Economic Recovery
by Mark Thoma in Economist's View on 2014-04-16 10:08:01
- Monetary Policy and the Economic Recovery
by Guest Author in The Big Picture on 2014-04-19 17:00:27
- Laurence Ball & Nicolás Roux & Marc Hofstetter, 2013.
"Unemployment in Latin America and the Caribbean,"
Open Economies Review,
Springer, vol. 24(3), pages 397-424, July.
- 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.
- Laurence Ball & Nicolás De Roux & Marc Hofstetter, 2011. "Unemployment in Latin America and the Caribbean," Economics Working Paper Archive 582, The Johns Hopkins University,Department of Economics.
- Laurence M. Ball & Nicolas de Roux Uribe & Marc Hofstetter, 2011. "Unemployment in Latin America and the Caribbean," IMF Working Papers 11/252, International Monetary Fund.
- Laurence Ball & Nicolás De Roux & Marc Hofstetter, 2011. "Unemployment in Latin America and the Caribbean," DOCUMENTOS CEDE 008917, UNIVERSIDAD DE LOS ANDES-CEDE.
- Temitope Leshoro, Umakrishnan Kollamparambil, 2016. "Inflation Or Output Targeting? Monetary Policy Appropriateness In South Africa," PSL Quarterly Review, Economia civile, vol. 69(276), pages 77-104.
- Andersson, Fredrik N. G. & Jonung, Lars, 2014. "The Return of the Original Phillips curve? An Assessment of Lars E. O. Svensson's Critique of the Riksbank's Inflation Targeting, 1997-2012," Working Papers 2014:28, Lund University, Department of Economics, revised 10 Dec 2015.
- Baffigi, Alberto & Bontempi, Maria Elena & Felice, Emanuele & Golinelli, Roberto, 2015. "The changing relationship between inflation and the economic cycle in Italy: 1861–2012," Explorations in Economic History, Elsevier, vol. 56(C), pages 53-70.
- NEAGOE, Daniel, 2014. "Phillips Curve In Romania In Conditions Of Near Rationality," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 1(1), pages 291-301.
- Kurose, Kazuhiro, 2013. "The dynamics of the labour market and income distribution in relation to the speed of demand saturation," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 101-111.
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