Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective
Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective PDF, ePub eBook D0wnl0ad
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. ContributorsLawrence Ball, Ben
Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff
Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K.
Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu
Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. 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, Mark W. Watson
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