Structural change in the US Phillips curve, 1948-2021: the role of power and institutions
Mark Setterfield and
Robert Blecker
No 75-2022, FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute
Abstract:
This paper provides an institutional-analytical account of changes in the structure of the US Phillips curve (PC) during the post-war period. It does so by restoring conflict and power to the forefront of macro theory and, in particular, the wage- and price-setting behaviour of workers and firms. The resulting account is consistent with the main stylized facts that characterize the evolution of the US PC since 1948: the disappearance and subsequent reappearance of a 'standard' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the flattening of the PC since the 1990s.
Keywords: Philips Curve; inflation; unemployment; natural rate hypothesis; bargaining power; institutions (search for similar items in EconPapers)
JEL-codes: E12 E24 E25 E31 N12 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (4)
Downloads: (external link)
http://www.boeckler.de/pdf/p_fmm_imk_wp_75_2022.pdf (application/pdf)
Related works:
Working Paper: Structural change in the US Phillips curve, 1948-2021: the role of power and institutions (2022) 
Working Paper: Structural change in the US Phillips curve, 1948-2021: the role of power and institutions (2022) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:imk:fmmpap:75-2022
Access Statistics for this paper
More papers in FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute Contact information at EDIRC.
Bibliographic data for series maintained by Sabine Nemitz ().