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Optimality on the Short-Run Phillips Curve Revisited

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  • Bijou Yang

Abstract

The misery index criterion model was developed by Golden, et al. (1987) to explain the public's preference for having the inflation rate lower than the unemployment rate. This model clearly fails to explain the prevailing super high inflation rate in Latin American countries. This paper attempts to introduce a generalized weighted misery index and to show that, by following the weighted misery-minimization process, the model can explain the Latin American experience and also include the American experience as a special case.

Suggested Citation

  • Bijou Yang, 1992. "Optimality on the Short-Run Phillips Curve Revisited," The American Economist, Sage Publications, vol. 36(2), pages 89-91, October.
    • Handle: RePEc:sae:amerec:v:36:y:1992:i:2:p:89-91
    DOI: 10.1177/056943459203600213
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    References listed on IDEAS

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    1. World Bank, 1988. "World Development Report 1988," World Bank Publications - Books, The World Bank Group, number 5971.
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    Cited by:

    1. Ivan K. Cohen & Fabrizio Ferretti & Bryan McIntosh, 2014. "Decomposing the misery index: A dynamic approach," Cogent Economics & Finance, Taylor & Francis Journals, vol. 2(1), pages 1-8, December.
    2. K. Moses Tule & Eunice Ngozi Egbuna & Eme Dada & Godday Uwawunkonye Ebuh, 2017. "A dynamic fragmentation of the misery index in Nigeria," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1336295-133, January.

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