Er Phillips-kurven på langt sigt lodret i en lille åben økonomi?

Søren Harck
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Søren Harck: Handelshøjskolen i Århus, Postal: Bartholins Allé 14, Bygning 1327, 8000 Aarhus C

Nationaløkonomisk tidsskrift, 2000, vol. 2000, issue 1, 243-258

Abstract: It is usually the case that even analyses of small open economies invoke a vertical long-run Phillips curve (or a long-run supply curve). However, the very logic that is typically adduced in favour of a vertical long-run Phillips curve in a closed economy can in fact easily entail a horizontal long-run Phillips curve in a small open economy with imports of raw materials and/or final goods: in such a case, a modern error correction specification of the wage dynamics can easily suggest that the rate of inflation will eventually stabilise, at any arbitrarily fixed rate of unemployment, and at a level given by the exchange rate adjusted foreign inflation rate.

Keywords: Phillips-kurven; inflation (search for similar items in EconPapers)
JEL-codes: A10 (search for similar items in EconPapers)
Date: 2000
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