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  1. 1 Ekonomista

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  1. 1 Wallusch J.

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  1. 1 2008

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Evolution of the Neo-keynesian Philips Curve

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Wallusch J.
Ekonomista
|
2008
|
issue 5
577-592
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.
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