| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24086 |
| 来源ID | Working Paper 24086 |
| The L-Shaped Phillips Curve: Theoretical Justification and Empirical Implications | |
| Narayana R. Kocherlakota | |
| 发表日期 | 2017-12-04 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper has two parts. In the first part, I demonstrate that, in the absence of price and wage bounds, monetary models do not have current equilibria - and so lack predictive content - for a wide range of possible policy rules and/or beliefs about future equilibrium outcomes. This non-existence problem disappears in models in which firms face (arbitrarily loose) finite upper bounds on prices or positive lower bonds on nominal wages. In the second part, I study the properties of a class of dynamic monetary models with these kinds of bounds on prices/wages. Among other results, I show that these models imply that the Phillips curve is L-shaped, are consistent with the existence of permanently inefficiently low output (secular stagnation), and do not imply that forward guidance is surprisingly effective. I show too that economies with lower nominal wage floors have even worse equilibrium outcomes in welfare terms. It follows that models with arbitrarily low but positive nominal wage floors are not well approximated by models without wage floors. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w24086 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581759 |
| 推荐引用方式 GB/T 7714 | Narayana R. Kocherlakota. The L-Shaped Phillips Curve: Theoretical Justification and Empirical Implications. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24086.pdf（625KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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