Evolution of the Neo-keynesian Philips Curve

• Authors: Wallusch J.
• Languages of publication: PL

Abstracts

EN

The author analyzes the evolution of the concept of neo-Keynesian Philips curve starting from the original version that was derived from the Calvo model (this version assumed inflation to be dependant on anticipatory expectation of inflation rate and the demand variable) up to the hybrid version that augments the basic model by the autoregressive mechanism. The analysis was taken up in response to the high esteem the approach enjoys among academic economists and central bankers. The article is concluded with simulations of behavior of Polish economy obtained from both versions of the model. The results indicate that under conditions of imperfect information and disinflation the reliance on the underlying theory requires caution.

Keywords

EN

INFLATION RATE - ANTICIPATORY EXPECTATIONS; PHILIPS' CURVE EVOLUTION; POLISH ECONOMY - BEHAVIOR SIMULATIONS

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Komitet Nauk Ekonomicznych PAN, Polskie Towarzystwo Ekonomiczne
• Journal: Ekonomista
• Year: 2008
• Issue: 5
• Pages: 577-592
• Document type: ARTICLE

Contributors

author

Wallusch J.

• J. Wallusch, Akademia Ekonomiczna w Poznaniu, Katedra Teorii i Historii Ekomomii, al. Niepodleglosci 10, 60-967 Poznan, Poland

Identifiers

CEJSH db identifier

09PLAAAA05811