PHILLIPS CURVE IN ROMANIA IN CONDITIONS OF NEAR RATIONALITY

Daniel Neagoe
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Daniel Neagoe: “Costin C.Kiriţescu” National Institute for Economic Research, Romanian Academy, Bucharest, Romania

Journal of Financial and Monetary Economics, 2014, vol. 1, issue 1, 291-301

Abstract: In a period of mainstream economic models failing to explain macroeconomic processes and individual economic behaviors, is necessary to reconsider dominant economic models by approaching with a higher accuracy the economic reality. The paper is proposing to contribute to Homo Oeconomicus updating process by analyzing one of its fundamental pillars: Phillips Curve, to observe potential latent influences that can be attributed to limited rationality or non-rationality and verify the precision of the model. The argument of the article takes form of the necessity of a deep evaluation of the concepts and paradigms of classical economics for adjustments with the purpose of a better representation of the reality and for an exact prediction of economic phenomena and their relations.

Keywords: Phillips Curve; Inflation; Unemployment; Romania; Near Rationality (search for similar items in EconPapers)
JEL-codes: C01 E24 E31 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:vls:rojfme:v:1:y:2014:i:1:p:291-301

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