The Friedman-Phelps shifting Phillips curve model is based on what economists call adaptive expectations.

Protectionism could reverse the favorable shift in the aggregate supply curve that has been instrumental in enabling both low unemployment and low inflation to exist simultaneously.

Assuming that the distribution of aggregate shocks is almost degenerate, aggregate output increases with the growth rate of the stock of money—our definition of the Phillips curve. This almost ...

The resulting Phillips curve encompasses the partial-indexation model, the full-indexation model, and the Calvo model, and can speak to micro-data in ways that these models cannot.

All you need to know about the Phillips curve and whether it's still a valuable tool for fiscal policymakers.

Although the labor market has steadily strengthened, wage growth has remained slow in recent years. This raises the question of whether the wage Phillips curve—the traditional relationship between ...

The Phillips curve is a controversial economic model that monetary policy managers use to examine the relationship between inflation and unemployment.

The curve, which claims to model an inverse relationship between inflation and unemployment, has been disproved a dozen times. Yet it lives on in the minds of the Keynesians who dominate academia ...

This paper uses the short-run restrictions implied by a simple aggregate demand-aggregate supply model as an aid in identifying structural shocks. Combined with the Blanchard-Quah restriction, it ...