The L-Shaped Phillips Curve: Theoretical Justification and Empirical Implications
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https://www.nber.org/papers/w24086
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资源简介：
This paper has two parts. In the first part, I demonstrate that, in the absence of price and wage bounds, monetary models do not have current equilibria - and so lack predictive content - for a wide range of possible policy rules and/or beliefs about future equilibrium outcomes. This non-existence
提供机构：
美国国家经济研究局
创建时间：
2017-12-01
