‘Modern’ theories of the Phillips curve imply that inflation is an integrated, or near integrated’ process. This paper explains this implication and why these ‘modern’ theories are logically inconsistent with what is commonly known about the statistical process of inflation.
|Place of Publication||United Kingdom|
|Publisher||University of Dundee|
|Number of pages||6|
|Publication status||Published - Jun 2015|
|Name||Dundee Discussion Papers in Economics|
- Philips curve