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The Phillips Curve: an evolving concept

In: Optimal Monetary Policy under Uncertainty, Second Edition

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Chapter 8 introduces the Phillips Curve, the backbone of the New Keynesian framework. Within this framework, there are different speciï¬ cations of the Phillips Curve. In this chapter we analyze the microeconomic foundations of these recent incarnations of the Phillips Curve: the Calvo (1983) model of sticky prices; Rotemberg’s (1982) quadratic price adjustment model; the Taylor (1979, 1980) model of staggered wage contracts and the Mankiw and Reis (2002) model of incomplete information. Towards the end of the chapter we check whether the different specifications satisfy the Natural Rate Hypothesis.

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  • ., 2019. "The Phillips Curve: an evolving concept," Chapters, in: Optimal Monetary Policy under Uncertainty, Second Edition, chapter 8, pages 140-158, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16504_8
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    Economics and Finance;

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