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Stagflation and Phillips Curve Instability in a Model of Macroeconomic Policy

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  • Hughes Hallett, A J
  • Petit, M L

Abstract

Economists habitually use the idea of a trade-off between two goods when making a choice between them. Similarly, they trade success in reaching one policy goal against the failure to reach another when choosing between alternative policy options. But, unlike the choice between goods, economic policy performance is not generally monotonic in the target values. The traditional trade-off may therefore become reversed, implying no conflict exists between the two targets. Where this happens in some periods but not in others, the economy as a whole will deliver an unstable Phillips curve relationship like that experienced in the 1970s and 1980s. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Hughes Hallett, A J & Petit, M L, 1991. "Stagflation and Phillips Curve Instability in a Model of Macroeconomic Policy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 59(2), pages 123-145, June.
    • Handle: RePEc:bla:manch2:v:59:y:1991:i:2:p:123-45
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