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Inflation, Unemployment and Money : Interpretations of the Phillips Curve

By: Bruno Jossa (Editor), Marco Musella (Editor)

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176 Pages

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24.77 x 16.51 x 1.91

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This text presents a reconstruction of the different interpretations of the Phillips curve. It demonstrates, through in-depth analysis, how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post-Keynesian literature.

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You Can Find This Book In

Non-Fiction Economics Macroeconomics Monetary Economics Accounting & Finance Finance Public Accounting in Finance Labour Economics Employment & Unemployment

List of figures and tables	p. vii
Preface	p. ix
The origins: Phillips' and Lipsey's contribution	p. 1
Introduction	p. 1
The Phillips curve	p. 1
Lipsey's interpretation of the Phillips curve	p. 4
A formal illustration of the Lipsey model	p. 7
A critical analysis of Lipsey's approach	p. 9
Further considerations on Lipsey's interpretation of the Phillips curve	p. 13
A generalization of Phillips' results	p. 19
The Phillips curve as an economic policy menu	p. 21
Conclusion	p. 22
Keynesians and Monetarists on the Phillips curve	p. 26
Introduction	p. 26
Friedman's and Phelps' criticisms of the Phillips curve	p. 28
A monetarist interpretation of the Phillips curve in the short run	p. 30
The Phillips curve in the long run	p. 32
The natural rate of unemployment and the ineffectiveness of economic policy	p. 35
New classical macroeconomics and the Phillips curve	p. 38
Tobin's criticism of the NRU hypothesis	p. 40
Desai's interpretation	p. 42
Conclusion	p. 44
Neoclassical interpretations of the Phillips curve and the microfoundations of macroeconomics	p. 46
Introduction	p. 46
The asymmetric information assumption and Phelps' parable of the islands	p. 47
An introduction to the job search theory	p. 49
New microeconomics. The theory of labour and the optimal stopping rule	p. 51
Holt's model	p. 55
Job search and the Phillips curve in Phelps' interpretation	p. 61
Further observations on the job search theory and the Phillips curve	p. 63
Closing remarks	p. 65
The Phillips curve and stagflation	p. 67
Introduction	p. 67
Grubb, Jackman and Layard's approach to stagflation: the conflict-augmented Phillips curve	p. 67
Slow growth, conflict and inflation	p. 71
The Phillips curve and income policy: a general assessment	p. 73
A classification of income policies	p. 78
The Phillips curve, income policies and the system of industrial relations	p. 81
A further criticism of NRU theory: the decreasing long-term Phillips curve	p. 84
Conclusion	p. 85
Unorthodox interpretations of the Phillips curve	p. 89
Introduction	p. 89
Rowthorn's model	p. 89
The Rowthorn model with adaptive expectations	p. 96
A model a la Rowthorn with rational expectations	p. 99
A Phillips curve with Kaleckian characteristics	p. 104
On Kalecki's theory and the Phillips curve	p. 110
Conclusions	p. 115
Phillips curve, hysteresis and Keynesian theory	p. 119
Introduction	p. 119
NAIRU versus NRU	p. 119
Changes in the equilibrium rate of employment: some supporting evidence	p. 122
Hysteresis theory and the Phillips curve	p. 125
Is hysteresis compatible with the theory of the natural rate of unemployment?	p. 132
Hysteresis: two consequences	p. 134
Conclusion	p. 137
Bibliography	p. 142
Index	p. 159
Table of Contents provided by Syndetics. All Rights Reserved.

Inflation, Unemployment and Money : Interpretations of the Phillips Curve

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Hardcover

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You Can Find This Book In

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