The Phillips Curve: an evolving concept

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Chapter 8 in Optimal Monetary Policy under Uncertainty, Second Edition, 2019, pp 140-158 from Edward Elgar Publishing

Abstract: Chapter 8 introduces the Phillips Curve, the backbone of the New Keynesian framework. Within this framework, there are different speciï¬ cations of the Phillips Curve. In this chapter we analyze the microeconomic foundations of these recent incarnations of the Phillips Curve: the Calvo (1983) model of sticky prices; Rotemberg’s (1982) quadratic price adjustment model; the Taylor (1979, 1980) model of staggered wage contracts and the Mankiw and Reis (2002) model of incomplete information. Towards the end of the chapter we check whether the different specifications satisfy the Natural Rate Hypothesis.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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