An Austrian rehabilitation of the Phillips Curve.
A study examined a similar model to that set out by William Niskanen in 2002, in which he estimated a Phillips curve for the U.S. using annual 1960–2000 data, and concluded that that the immediate effect of inflation is to reduce unemployment, confirming the traditional understanding of the Phillips...
| Publicado en: | CATO Journal Vol. 31; no. 1; pp. 87 - 99 |
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| Formato: | Artículo |
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Cato Institute
Winter 2011
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511033059&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511033059 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 02733072 CAO jtl: CATO Journal issn: 02733072 maglogo: N pubinfo: dt: Winter 2011 vid: 31 iid: 1 pid: 1630 pub: Cato Institute artinfo: ui: 511033059 ppf: 87 ppct: 12 formats: fmt: – @attributes: type: T – @attributes: type: P size: 565KB tig: atl: An Austrian rehabilitation of the Phillips Curve. aug: au: Mulligan, Robert F. su: Business cycles Phillips curve sug: subj: Business cycles Phillips curve ab: A study examined a similar model to that set out by William Niskanen in 2002, in which he estimated a Phillips curve for the U.S. using annual 1960–2000 data, and concluded that that the immediate effect of inflation is to reduce unemployment, confirming the traditional understanding of the Phillips-curve relationship, but also that after an interval as short as one year inflation has typically been followed by increased unemployment. Data were obtained from an expanded monthly 1948–2009 dataset. Findings suggested that the Phillips curve need not be left aside either as a theoretical construct or as a tool for policy formulation. Findings indicated in reality, however, that the true relationship between unemployment and inflation is exactly the opposite of what has been widely accepted, and that both policy and theory should be led by improved and accurate estimates of appropriate and theoretically better-motivated specifications. Findings are discussed in detail. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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