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Phillips Curves, Phillips Lines and the Unemplyment Costs of Overheating

  • Douglas Laxton
  • Peter B. Clark

Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/17.

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Length: 50
Date of creation: 01 Feb 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/17
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