| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2276 |
| DP2276 Law and Equity Markets: A Simple Model | |
| Marco Pagano; Davide Lombardo | |
| 发表日期 | 1999-11-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather than, more traditionally, as interaction between exogenous demand and supply disturbances. Combining this framework with reasoned conjectures on how policy-makers' beliefs have changed helps explain some features of the evolving UK Phillips curve. We suggest that correlations suggesting an extreme favourable unemployment-inflation tradeoff might indicate not something to be exploited but instead only policy-makers' correctly acknowledging that no tradeoff exists. |
| 主题 | International Macroeconomics |
| 关键词 | beliefs inflation Natural rate hypothesis Stability |
| URL | https://cepr.org/publications/dp2276 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531372 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Davide Lombardo. DP2276 Law and Equity Markets: A Simple Model. 1999. |
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