Monetary policy with a convex Phillips curve and asymmetric loss /
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| Author / Creator: | Tambakis, Demosthenes N. (Demosthenes Nicholas), 1968- author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, Research Department, 1998. ©1998 |
| Description: | 1 online resource (28 pages) |
| Language: | English |
| Series: | IMF working paper, 2227-8885 ; WP/98/21 IMF working paper ; WP/98/21. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12503385 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 no.98/21 | |
| 100 | 1 | |a Tambakis, Demosthenes N. |q (Demosthenes Nicholas), |d 1968- |e author. | |
| 245 | 1 | 0 | |a Monetary policy with a convex Phillips curve and asymmetric loss / |c prepared by Demosthenes N. Tambakis. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, Research Department, |c 1998. | |
| 264 | 4 | |c ©1998 | |
| 300 | |a 1 online resource (28 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
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| 490 | 1 | |a IMF working paper, |x 2227-8885 ; |v WP/98/21 | |
| 500 | |a "February 1998." | ||
| 504 | |a Includes bibliographical references (pages 27-28). | ||
| 588 | 0 | |a Print version record. | |
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2014. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2014 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 520 | |a Recent empirical contributions to the monetary policy literature have argued that the short-run Phillips curve in several developed countries is moderately convex, such that at any given point on the curve, the inflation increase associated with an incremental decline in the unemployment rate exceeds the inflation decline associated with an equal rise in the unemployment rate._x000D_ 1_x000D_ The principal difference between the linear and convex Phillips curves is that, under convexity, the short-run tradeoff facing policymakers is a function of the state of the economy: a one percentage point reduction in the unemployment rate leads to a smaller increase in inflation at high rates of unemployment than at low rates of unemployment. As a result, the nonaccelerating inflation rate of unemployment-the unemployment rate consistent with maintaining a stable average inflation rate over time-is not the same in a stochastic setting as it is in a deterministic setting. This reflects the fact that, in a stochastic economy with a convex Phillips curve, stable average inflation requires larger increases in unemployment when inflation is high than corresponding absolute declines in unemployment when inflation is low. Thus, the nonaccelerating inflation rate of unemployment in a stochastic setting is greater than its deterministic counterpart for any shock distribution. In contrast, under the linear model the nonaccelerating inflation rates of unemployment with and without shocks coincide. In order to emphasize this distinction we shall be referring to the nonaccelerating inflation rate in a stochastic setting as the NAIRU, while reserving the term deterministic NAIRU, or DNAIRU, for the nonaccelerating inflation rate of unemployment in the absence of shocks. Our NAIRU is thus consistent with the original Friedman (1968) definition of the natural rate of unemployment as the average unemployment rate in a stochastic setting. | ||
| 546 | |a English. | ||
| 650 | 0 | |a Monetary policy |x Econometric models. | |
| 650 | 0 | |a Inflation (Finance) |x Econometric models. | |
| 650 | 0 | |a Unemployment |x Econometric models. | |
| 650 | 0 | |a Phillips curve. |0 http://id.loc.gov/authorities/subjects/sh85100811 | |
| 650 | 6 | |a Politique monétaire |x Modèles économétriques. | |
| 650 | 6 | |a Inflation |x Modèles économétriques. | |
| 650 | 6 | |a Chômage |x Modèles économétriques. | |
| 650 | 6 | |a Courbe de Phillips. | |
| 650 | 7 | |a Inflation (Finance) |x Econometric models. |2 fast |0 (OCoLC)fst00972453 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 650 | 7 | |a Phillips curve. |2 fast |0 (OCoLC)fst01060672 | |
| 650 | 7 | |a Unemployment |x Econometric models. |2 fast |0 (OCoLC)fst01161217 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. | |
| 776 | 0 | 8 | |i Print version: |a Tambakis, Demosthenes N. (Demosthenes Nicholas), 1968- |t Monetary policy with a convex Phillips curve and asymmetric loss. |d [Washington, D.C.] : International Monetary Fund, Research Dept., 1998 |w (OCoLC)38599943 |
| 830 | 0 | |a IMF working paper ; |v WP/98/21. | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/1998/021/001.1998.issue-021-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3881.5.I58W67 no.98/21 |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/1998/021/001.1998.issue-021-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12147688 | ||