The L-Shaped Phillips Curve: Theoretical Justification and Empirical Implications
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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
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美国国家经济研究局创建时间：
2017-12-01
