Near-rational wage and price setting and the long-run Phillips curve

Brookings Papers on Economic Activity

Volumn , Issue 1, 2000, Pages 1-60

  Akerlof, George A ^a   Dickens, William T ^b   Perry, George L ^b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0040435650     PISSN: 00072303     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (40)

1. Akerlof, George A., William T. Dickens, and George L. Perry. 1996. "The Macroeconomics of Low Inflation." BPEA, 1:1996, 1-76.
2. Akerlof, George A., and Janet L. Yellen. 1985. "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia." Quarterly Journal of Economics 100 (Supplement): 823-38.
3. Ball, Laurence, N. Gregory Mankiw, and David Romer. 1988. "The New Keynesian Economics and the Output-Inflation Tradeoff." BPEA, 1:1988, 1-82.
4. Blanchard, Olivier J. 1999. Macroeconomics: Second Edition. Upper Saddle River, N.J.: Prentice Hall.
5. Blinder, Alan S., and others. 1998. Asking About Prices: A New Approach to Understanding Price Stickiness. New York: Russell Sage Foundation.
6. Brainard, William C., and George L. Perry. 2000. "Making Policy in a Changing World." In Economic Events, Ideas, and Policies: The 1960s and After, edited by James Tobin and George Perry. Brookings (forthcoming).
7. Davis, Steven J., John C. Haltiwanger, and Scott Schuh. 1996. Job Creation and Destruction. MIT Press.
8. Eckstein, Otto, and Roger Brinner. 1972. "The Inflation Process in the United States." Joint Economic Committee of the Congress of the United States. Government Printing Office.
9. Fair, Ray C. 2000. "Testing the NAIRU Model for the United States." Review of Economics and Statistics 82(1): 64-71.
10. Fisher, Irving. 1930. The Theory of Interest. New York: Macmillan.
11. Friedman, Milton. 1968. "The Role of Monetary Policy." American Economic Review 58(1): 1-17.
12. Gleitman, Henry. 1996. Basic Psychology. Norton.
13. Gordon, Robert J. 1998. "Foundations of the Goldilocks Economy: Supply Shocks and the Time-Varying NAIRU." BPEA, 2:1998, 297-346.
14. Gray, Jo Anna. 1978. "On Indexation and Contract Length." Journal of Political Economy 86(1): 1-18.
15. Greenspan, Alan. 1988. Statement before the Committee on Banking, Housing and Urban Affairs of the U.S. Senate, July 13. Federal Reserve Bulletin (September): 607-13.
16. Hendricks, Wallace E., and Lawrence M. Kahn. 1985. Wage Indexation in the United States: Cola or Uncola®? Ballinger.
17. Holland, A. Steven. 1995. "Inflation and Wage Indexation in the Postwar United States." Review of Economics and Statistics 77(1): 172-76.
18. Kahneman, Daniel, and Amos Tversky. 1979. "Prospect Theory: An Analysis of Decision under Risk." Econometrica 47(2): 263-92.
19. Keynes, John Maynard. 1936. The General Theory of Employment, Interest, and Money. Harcourt, Brace.
20. King, Robert G., and Mark W. Watson. 1994. "The Post-War U.S. Phillips Curve: A Revisionist Econometric History." Carnegie-Rochester Conference Series on Public Policy 41: 157-219.
21. Krueger, Anne O., and others. 1991. "Report of the Commission on Graduate Education in Economics." Journal of Economic Literature 29(3): 1035-53.
22. Kunreuther, Howard. 1978. Disaster Insurance Protection: Public Policy Lessons. Wiley.
23. Leonard, Jonathan S. 1987. "In the Wrong Place at the Wrong Time: The Extent of Frictional Unemployment." In Unemployment and the Structure of Labor Markets, edited by Kevin J. Lang and Jonathan S. Leonard. New York: Basil Blackwell.
24. Levine, David I. 1993. "Fairness, Markets, and Ability to Pay: Evidence from Compensation Executives." American Economic Review 83(5): 1241-59.
25. Lipsey, Richard. 1960. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862-1957: A Further Analysis." Economica 27(February): 1-31.
26. Lucas, Robert E., Jr. 1972. "Expectations and the Neutrality of Money." Journal of Economic Theory 4(April): 103-24.
27. Mankiw, N. Gregory. 1985. "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly." Quarterly Journal of Economics 100(2): 529-37.
28. Milkovich, George T., and Jerry M. Newman. 1984. Compensation. Plano, Tex.: Business Publications.
29. Modigliani, Franco, and Lucas Papademos. 1975. "Targets for Monetary Policy in the Coming Year." BPEA, 1:1975, 141-65.
30. Nisbett, Richard, and Lee Ross. 1980. Human Inference: Strategies and Shortcomings of Social Judgment. Prentice-Hall.
31. Phelps, Edmund. 1967. "Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time." Economica 34(August): 254-81.
32. _. 1968. "Money-Wage Dynamics and Labor-Market Equilibrium." Journal of Political Economy 76(4, Part 2): 678-711.
33. Phillips, A. W. 1958. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957." Economica 25(November): 283-99.
34. Rock, Milton L., and Lance A. Berger. 1991. The Compensation Handbook: A State-of-the-Art Guide to Compensation Strategy and Design, 3rd ed. McGraw-Hill.
35. Sargent, Thomas J. 1971. "A Note on the 'Accelerationist' Controversy." Journal of Money, Credit, and Banking 3(3): 721-25.
36. _. 1973. "Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment." BPEA, 2:1973, 429-72.
37. Shafir, Eldar, Peter Diamond, and Amos Tversky. 1997."Money Illusion." Quarterly Journal of Economics 112(2): 341-74.
38. Shiller, Robert J. 1997. "Why Do People Dislike Inflation?" In Reducing Inflation: Motivation and Strategy, edited by Christina D. Romer and David H. Romer. University of Chicago Press.
39. Shimer, Robert J. 1998. "Why Is the U.S. Unemployment Rate So Much Lower?" In NBER Macroeconomics Annual, edited by Ben S. Bernanke and Julio Rotemberg. Cambridge, Mass.: National Bureau of Economic Research.
40. Stock, James H., and Mark W. Watson. 1998. "Median Unbiased Estimation of Coefficient Variance in a Time-Varying Parameter Model." Journal of the American Statistical Association 93(March): 349-58.