Understanding Inflation and the Implications for Monetary Policy – A Phillips Curve Retrospective - Hardcover

Fuhrer, Jeff; Fuhrer, J; Little, J; Kodrzycki, Y; Olivei, G

Hardcover

ISBN 10: 0262013630 ISBN 13: 9780262013635

Publisher: MIT Press, 2009

Synopsis

Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment.

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.

Contributors
Lawrence 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

About this title

About the Authors

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

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

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

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

Paul Samuelson (1915–2009) received the Nobel Prize in Economics in 1970. He was Institute Professor, 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.

Edition details

• Publisher: MIT Press
• Publication date: 2009
• Language: English
• ISBN 10: 0262013630
• ISBN 13: 9780262013635
• Binding: Hardcover
• Number of pages: 450