This paper demonstrates that demand pressure, besides hybrid cost-pressure, matters both on the labor market and on the market for goods in the determination of wage and price inflation. We discuss theoretically and estimate for the USA wage and price Phillips curves exhibiting their own demand pressure measure in their respective market and weighted averages of perfectly foreseen short- and adaptively changed medium-run cost-pressure terms in addition. These curves are in their formal structure closely related to NK staggered wage and price dynamics, but differ radically from them in their implications. Our findings are that wages are more flexible than prices with respect to their demand pressure measure and that price determination gives...
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related ...
The inflation equation, more commonly known as the Phillips curve, lies at the heart of modern macro...
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related ...
This paper demonstrates, contrary to what has been shown recently, that demand pressure, be-sides di...
This paper demonstrates of how the labor and product markets interact in determining the outcome of ...
This dissertation proposes a new Phillips curve that is able to endogenously generate inflation pers...
F or gauging inflationary pressures, many policymakers and financialmarket analysts pay close attent...
This paper presents a model of employment, distribution and inflation in which a modern error correc...
Low unemployment has revived concerns about accelerated inflation. This paper examines the relations...
One of the most controversial issues in the relations between wages and prices is whether inflation ...
For much of the mid- to late-1990s, economists have wondered at the simultaneously low unemployment ...
How inflation and unemployment are related in both the short run and long run is perhaps the key que...
The objective of this paper is to provide an optimizing model of wage and price setting consistent w...
The focus of this investigation is on the cyclical response of the real wage to demand shocks. This ...
The inflation equation, more commonly known as the Phillips curve, lies at the heart of modern macro...
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related ...
The inflation equation, more commonly known as the Phillips curve, lies at the heart of modern macro...
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related ...
This paper demonstrates, contrary to what has been shown recently, that demand pressure, be-sides di...
This paper demonstrates of how the labor and product markets interact in determining the outcome of ...
This dissertation proposes a new Phillips curve that is able to endogenously generate inflation pers...
F or gauging inflationary pressures, many policymakers and financialmarket analysts pay close attent...
This paper presents a model of employment, distribution and inflation in which a modern error correc...
Low unemployment has revived concerns about accelerated inflation. This paper examines the relations...
One of the most controversial issues in the relations between wages and prices is whether inflation ...
For much of the mid- to late-1990s, economists have wondered at the simultaneously low unemployment ...
How inflation and unemployment are related in both the short run and long run is perhaps the key que...
The objective of this paper is to provide an optimizing model of wage and price setting consistent w...
The focus of this investigation is on the cyclical response of the real wage to demand shocks. This ...
The inflation equation, more commonly known as the Phillips curve, lies at the heart of modern macro...
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related ...
The inflation equation, more commonly known as the Phillips curve, lies at the heart of modern macro...
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related ...