## Abstract Phillips curves are central to discussions of inflation dynamics and monetary policy. The hybrid new Keynesian Phillips curve (NKPC) describes how past inflation, expected future inflation, and a measure of real aggregate demand drive the current inflation rate. This paper studies the (
β¦ LIBER β¦
The Austrian Phillips Curve reconsidered
β Scribed by Alfred Stiassny
- Publisher
- Springer US
- Year
- 1985
- Tongue
- English
- Weight
- 910 KB
- Volume
- 12
- Category
- Article
- ISSN
- 0340-8744
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## Abstract Estimates of the slope of the Phillips curve reported in the literature cover a range from roughly β 0.6 to zero depending on specification. Forwardβlooking specifications, favored by theory, produce the smallest slope estimates. This paper addresses this puzzle by studying the bivariat