A neoclassical model of the Phillips curve relation

• 成果类型: Article; Proceedings Paper
• 署名作者: Cooley, TF; Quadrini, V
• 署名单位: University of Rochester; University of Rochester; Duke University; Duke University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(99)00022-7
• 发表日期: 1999
• 页码: 165-193
• 关键词: Monetary policy; liquidity effects; job creation and job destruction

摘要

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. (C) 1999 Elsevier Science B.V. All rights reserved.