Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective

Overview

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'sPhillips 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 ...

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Overview

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'sPhillips 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 thePhillips 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, JordiGali, 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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Product Details

  • ISBN-13: 9780262013635
  • Publisher: MIT Press
  • Publication date: 9/11/2009
  • Pages: 520
  • Product dimensions: 6.10 (w) x 9.00 (h) x 1.60 (d)

Meet the Author

Jeff Fuhrer is an economist in the Research Department at the Federal Reserve Bank ofBoston.

Yolanda Kodrzycki is an economist in the Research Department at the Federal Reserve Bank ofBoston.

Jane Little is an economist in the Research Department at the Federal Reserve Bank ofBoston.

Giovanni Olivei is an economist in the Research Department at the Federal Reserve Bank ofBoston.

Paul Samuelson (1915—2009) received the Nobel Prize in Economics in 1970. He was InstituteProfessor, Emeritus; Professor of Economics, Emeritus; and Gordon Y. Billard Fellow at MIT. His influential Economics: An Introductory Analysis is the most widely used economics textbook ever published.

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