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January 29, 2010 | History

Philips curves, monetary policy, and a labor market transmission mechanism 1 edition

Philips curves, monetary policy, and a labor market transmission mecha ...
Robert R. Reed

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Philips curves, monetary policy, and a labor market transmission mechanism
Robert R. Reed and Stacey L. Schreft.

Published 2007 by Research Division, Federal Reserve Bank of Kansas City in Kansas City [Mo.] .
Written in English.

About the Book

This paper develops a general equilibrium monetary model with performance incentives to study the inflation-unemployment relationship. A long-run downward-sloping Phillips curve can exist with perfectly anticipated inflation because workers' incentive to exert effort depend on financial market returns. Consequently, higher inflation rates can reduce wages and stimulate employment. An upward-sloping or vertical Phillips Curve can arise instead, depending on agents' risk aversion and the possibility of capital formation. Welfare might be higher away from the Friedman rule and with a central bank putting some weight on employment.

Edition Notes

Title from PDF file (viewed on Oct. 10, 2008).

"December 2007."

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

Series
RWP -- 07-12

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL22649159M
LC Control Number
2008613007

History Created December 11, 2009 · 2 revisions Download catalog record: RDF / JSON

January 29, 2010 Edited by WorkBot add more information to works
December 11, 2009 Created by WorkBot add works page