Graphical analysis of the Phillips curve models

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A huge number of scientific works by both domestic and foreign authors are devoted to the study of the Phillips curve and its modifications. This model is the most important in macroeconomic theory, as it allows predicting the possible consequences of the economic policy. It has been proven that the relationship between inflation and unemployment has an inverse relationship in the short term, but disappears in the long term. The Phillips curve is an econometric model that can be presented in graphical form. Such visualization allows you to clearly express the necessary relationships and show the main patterns of the model. The purpose of this article is to describe and study the modifications of the Phillips curve in the short and long term, using graphical models. The author considers the theories of adaptive and rational inflation expectations, explains the long-term Phillips curve, shows the cyclical development of the economy using the Phillips model, describes the latest research on the “flattened” curve as a result of a successful inflation targeting policy.

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Unemployment, inflation, Phillips curve, NAIRU, natural unemployment rate, inflation expectations

Короткий адрес: https://sciup.org/142245388

IDR: 142245388

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