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The Phillips Curve

In: Asymmetry and Aggregation in the EU

Author

Listed:
  • David G. Mayes
  • Matti Virén

Abstract

The Phillips curve provides the key link between the real economy and inflation and lies at the heart of our analysis. Although there are various asymmetries involved in the relationship the most obvious facet is that the relationship is referred to as a curve. Although in many models it is estimated as a linear relationship in part because of the difficulties that Phillips himself encountered in the original estimation (Phillips, 1958). Indeed it is only partly an accident of history, with the collapse of the long-run regularity and its replacement with a short-run expectations augmented curve (Phelps, 1967), that it has frequently been estimated as a straight line.1

Suggested Citation

  • David G. Mayes & Matti Virén, 2011. "The Phillips Curve," Palgrave Macmillan Books, in: Asymmetry and Aggregation in the EU, chapter 4, pages 77-114, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30464-2_4
    DOI: 10.1057/9780230304642_4
    as

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