THE PHILLIPS CURVE IN A MATCHING MODEL. (13th May 2019)
- Record Type:
- Journal Article
- Title:
- THE PHILLIPS CURVE IN A MATCHING MODEL. (13th May 2019)
- Main Title:
- THE PHILLIPS CURVE IN A MATCHING MODEL
- Authors:
- Hu, Tai‐Wei
Wallace, Neil - Abstract:
- Abstract: Following ideas in Hume, monetary shocks are embedded in the Lagos‐Wright model in a new way: There are only nominal shocks accomplished by individual transfers that are sufficiently noisy so that realizations of those transfers do not permit the agents to deduce much about the aggregate realization. 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 degeneracy assumption is far from being necessary; under some mild conditions, the Phillips curve result holds for a large class of distributions.
- Is Part Of:
- International economic review. Volume 60:Number 4(2019)
- Journal:
- International economic review
- Issue:
- Volume 60:Number 4(2019)
- Issue Display:
- Volume 60, Issue 4 (2019)
- Year:
- 2019
- Volume:
- 60
- Issue:
- 4
- Issue Sort Value:
- 2019-0060-0004-0000
- Page Start:
- 1469
- Page End:
- 1487
- Publication Date:
- 2019-05-13
- Subjects:
- Economics -- Periodicals
330.05 - Journal URLs:
- http://onlinelibrary.wiley.com/ ↗
- DOI:
- 10.1111/iere.12393 ↗
- Languages:
- English
- ISSNs:
- 0020-6598
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - 4539.791000
British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 12143.xml