Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective [Hardcover]

Jeff Fuhrer (Editor), Yolanda K. Kodrzycki (Editor), Jane Sneddon Little (Editor), Giovanni P. Olivei (Editor), Paul A. Samuelson (Foreword)

Book Description

Publication Date: September 11, 2009

Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment.

Editorial Reviews

About the Author

In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the "Phillips curve" became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. ContributorsLawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson

Jeff Fuhrer, Jane Little, Yolanda Kodrzycki, and Giovanni Olivei are economists in the Research Department at the Federal Reserve Bank of Boston.

Jane Little is an economist in the Research Department at the Federal Reserve Bank of Boston.

Yolanda Kodrzycki is an economist in the Research Department at the Federal Reserve Bank of Boston.

Jeff Fuhrer is an economist in the Research Department at the Federal Reserve Bank of Boston.

Product Details

• Hardcover: 520 pages
• Publisher: The MIT Press (September 11, 2009)
• Language: English
• ISBN-10: 0262013630
• ISBN-13: 978-0262013635
• Product Dimensions: 9 x 6.2 x 1.4 inches
• Shipping Weight: 1.8 pounds (View shipping rates and policies)
• Amazon Best Sellers Rank: #1,807,393 in Books (See Top 100 in Books)