Clark, P. and Laxton, D. (1997) Phillips curves. CEPDP, 344. Centre for Economic Performance, London School of Economics and Political Science, London, UK.Full text not available from this repository.
Most empirical work on the US Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models.
|Item Type:||Monograph (Discussion Paper)|
|Additional Information:||© 1997 the authors|
|Library of Congress subject classification:||H Social Sciences > HB Economic Theory|
|Sets:||Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
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