Work

A neoclassical model of the Phillips curve relation

Year: 1999

Type: article

Abstract: This paper integrates the modern theory of unemployment with a limited participation model of money and asks whether such a framework can produce correlations like those associated with the Phillips curve as well as realistic labor market dynamics. The model incorporates both monetary and real shocks. The response of the economy to monetary policy shocks is consistent with recent evidence about the impact of these shocks on the economy.

Source: Journal of Monetary Economics

DOI: 10.1016/s0304-3932(99)00022-7

Authors: Thomas F. Cooley, Vincenzo Quadrini

Institutions: University of Rochester, Duke University

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: hybrid

Estimated APC paid: $4,660