Skip to content Skip to navigation
University of Warwick
  • Study
  • |
  • Research
  • |
  • Business
  • |
  • Alumni
  • |
  • News
  • |
  • About

University of Warwick
Publications service & WRAP

Highlight your research

  • WRAP
    • Home
    • Search WRAP
    • Browse by Warwick Author
    • Browse WRAP by Year
    • Browse WRAP by Subject
    • Browse WRAP by Department
    • Browse WRAP by Funder
    • Browse Theses by Department
  • Publications Service
    • Home
    • Search Publications Service
    • Browse by Warwick Author
    • Browse Publications service by Year
    • Browse Publications service by Subject
    • Browse Publications service by Department
    • Browse Publications service by Funder
  • Help & Advice
University of Warwick

The Library

  • Login
  • Admin

Keynesian economics without the Phillips curve

Tools
- Tools
+ Tools

Farmer, Roger E. A. and Nicolò, Giovanni (2018) Keynesian economics without the Phillips curve. Journal of Economic Dynamics and Control, 89 . pp. 137-150. doi:10.1016/j.jedc.2018.01.012 ISSN 0165-1889.

[img]
Preview
PDF
WRAP-Keynesian-economics-Phillips-curve-Farmer-2018.pdf - Accepted Version - Requires a PDF viewer.
Available under License Creative Commons Attribution Non-commercial No Derivatives 4.0.

Download (783Kb) | Preview
Official URL: http://dx.doi.org/10.1016/j.jedc.2018.01.012

Request Changes to record.

Abstract

We extend Farmer’s 2012b Monetary (FM) model in three ways. First, we derive an analog of the Taylor Principle and we show that it fails in U.S. data. Second, we use the fact that the model displays dynamic indeterminacy to explain the real effects of nominal shocks. Third, we use the fact the model displays steady-state indeterminacy to explain the persistence of unemployment. We show that the FM model outperforms the New-Keynesian model and we argue that its superior performance arises from the fact that the reduced form of the FM model is a VECM as opposed to a VAR.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Keynesian economics, Phillips curve
Journal or Publication Title: Journal of Economic Dynamics and Control
Publisher: Elsevier BV
ISSN: 0165-1889
Official Date: April 2018
Dates:
DateEvent
April 2018Published
11 January 2018Available
3 January 2018Accepted
Volume: 89
Page Range: pp. 137-150
DOI: 10.1016/j.jedc.2018.01.012
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 29 January 2018
Date of first compliant Open Access: 29 January 2018

Request changes or add full text files to a record

Repository staff actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics

twitter

Email us: wrap@warwick.ac.uk
Contact Details
About Us