Loops Learning and the Phillips Curve

Piero Ferri
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Piero Ferri: Università di Bergamo

Chapter 9 in Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, 2007, pp 175-194 from AIEL - Associazione Italiana Economisti del Lavoro

Abstract: The chapter presents a model somehow inspired to Tarantelli. It first shows how important the value of the parameters reflecting nominal rigidities and industrial relations can be for the dynamics of the system. The indexation system has a certain influence on the former, in line with Tarantelli’s intuition and suggestion of a reduction in the sensitivity of nominal wages to past inflation as a disinflationary measure. In addition, industrial relations can influence the dynamics of the system through their influence on expectations and learning. In particular, centralisation of bargaining, together with other conditions, can make the business cycle less pronounced or even disappear.

Keywords: Tarantelli’s thought; nominal rigidities; centralisation of bargaining. (search for similar items in EconPapers)
JEL-codes: B31 E31 J52 (search for similar items in EconPapers)
Date: 2007
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