Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/105946 
Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
IMK Working Paper No. 4/2011
Verlag: 
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf
Zusammenfassung: 
This paper examines the theory of the Phillips curve, focusing on the distinction between "formation" of inflation expectations and "incorporation" of inflation expectations. Phillips curve theory has largely focused on the former. Explaining the Phillips curve by reference to expectation formation keeps Phillips curve theory in the policy orbit of natural rate thinking where there is no welfare justification for higher inflation even if there is a permanent inflation - unemployment trade-off. Explaining the Phillips curve by reference to incorporation of inflation expectations breaks that orbit and provides a welfare economics rationale for Keynesian activist policies that reduce unemployment at the cost of higher inflation.
Schlagwörter: 
Phillips curve
formation of inflation expectations
incorporation of inflation expectations
backward bending Phillips curve.
JEL: 
E00
E31
E52
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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