Aggregate Phillips curves are not always vertical: Heterogeneity and mismatch in multiregion or multisector economies

Macroeconomic Dynamics

Volumn 4, Issue 4, 2000, Pages 534-546

  Hughes Hallett, A J ^a  

^a UNIVERSITY OF STRATHCLYDE   (United Kingdom)

Author keywords

Distribution of demand; Mismatch; Natural rates of unemployment

Indexed keywords

EID: 0040213044     PISSN: 13651005     EISSN: None     Source Type: Journal    
DOI: 10.1017/s1365100500017065     Document Type: Article

References (14)

1. Akerlof, G., W. Dickens & G. Perry (1996) The macroeconomics of low inflation. Brookings Papers on Economic Activity 27, 1-26.
2. Archibald, G.C. (1969) Wage-price dynamics, inflation and unemployment: The Phillips curve and the distribution of unemployment. American Economic Review 59, 124-134.
3. Blanchard, O. & L. Katz (1992) Regional evolutions. Brookings Papers on Economic Activity 1, 1-76.
4. Brechling, F. (1973) Wage inflation and the structure of regional unemployment. Journal of Money, Credit and Banking 5, 555-583.
5. Caplin, A. & J. Leahy (1991) State dependent pricing and the dynamics of money and output. Quarterly Journal of Economics 106, 683-708.
6. Clark, P. & D. Laxton (1997) Phillips Curves, Phillips Lines and the Unemployment Costs of Over-heating. Working paper 97/17, IMF.
7. Cross, R. (1993) On the foundations of hysteresis in economic systems. Economics and Philosophy 9, 52-74.
8. Demertzis, M. & A. Hughes Hallett (1998) Asymmetric transmission mechanisms and the rise in European unemployment. Journal of Economic Dynamics and Control 22, 869-886.
9. Fischer, S. (1996) Why are central banks pursuing long run price stability? In Achieving Price Stability, Kansas City, MO: Federal Reserve Bank of Kansas City.
10. Friedman, M. (1977) Inflation and unemployment. Journal of Political Economy 85, 451-472.
11. Gordon, R. (1997) The time-varying NAIRU and its implications for economic policy. Journal of Economic Perspectives 11, 93-108.
12. Johnson, G. & A. Blakemore (1979) The potential impact of employment policy on the unemployment rate consistent with nonaccelerating inflation. American Economic Review 69, 119-123.
13. Layard, R., S. Nickell & R. Jackman (1991) Unemployment: Macroeconomic Performance and the Labour Market. Oxford: Oxford University Press.
14. Nordhaus, W.D. (1994) Policy games: Coordination and independence in monetary and fiscal policies. Brookings Papers on Economic Activity 25, 139-216.