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Loops Learning and the Phillips Curve

In: Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought

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  • Piero Ferri

    (Università di Bergamo)

Abstract

The chapter presents a model somehow inspired to Tarantelli. It first shows how important the value of the parameters reflecting nominal rigidities and industrial relations can be for the dynamics of the system. The indexation system has a certain influence on the former, in line with Tarantelli’s intuition and suggestion of a reduction in the sensitivity of nominal wages to past inflation as a disinflationary measure. In addition, industrial relations can influence the dynamics of the system through their influence on expectations and learning. In particular, centralisation of bargaining, together with other conditions, can make the business cycle less pronounced or even disappear.

Suggested Citation

  • Piero Ferri, 2007. "Loops Learning and the Phillips Curve," AIEL Series in Labour Economics, in: Nicola Acocella & Riccardo Leoni (ed.), Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, edition 1, chapter 9, pages 175-194, AIEL - Associazione Italiana Economisti del Lavoro.
    • Handle: RePEc:ail:chapts:02-09
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    More about this item

    Keywords

    Tarantelli’s thought; nominal rigidities; centralisation of bargaining.;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • J52 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Dispute Resolution: Strikes, Arbitration, and Mediation

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