English, Article, Journal or magazine article edition: The Backward Bending Phillips Curves: A Simple Model Thomas I Palley

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Bookmark: http://trove.nla.gov.au/version/199737
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Backward Bending Phillips Curves: A Simple Model
Author
  • Thomas I Palley
Physical Description
  • preprint
Notes
  • This paper develops a simple macroeconomic model of the backward bending Phillips curve that allows easy comparison with the neo-Keynesian and new classical models of the Phillips curve. There are two separate explanations of the backward bending Phillips curve and the model incorporates both. One explanation focuses on near-rational inflation expectations and aggregation of expectations across workers. The other explanation focuses on nominal wage setting behavior and aggregation of nominal wage behavior across sectors. The paper concludes with some observations about the implications of the backward bending Phillips curve for monetary policy.
  • Backward bending Phillips curve, minimum unemployment rate of inflation
  • RePEc:uma:periwp:wp168
Language
  • English
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