The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.
Near-Rational Wage and Price Setting and the Long-Run Phillips Curve
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Near-Rational Wage and Price Setting and the Long-Run Phillips Curve OVER THIRTY YEARS ago, in his presidential address to the American Economic Association, Milton Friedman asserted that in the long run the Phillips curve was vertical at a natural rate of unemployment that could be identified by the behavior of inflation.'Unemployment below the natural rate would generate accelerating inflation, and unemployment above it, accelerating deflation.Five years later the New Classical economists posed a further challenge to the stabilization orthodoxy of the day.In their models with rational expectations, not only was monetary policy unable to alter the long-term level of unemployment, it could not even contribute to stabilization around the natural rate.2The New Keynesian economics has shown that, even with rational expectations, small amounts of wage and price stickiness permit a stabilizing monetary policy.3But
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Prospect theory: An analysis of decision under risk
Kahneman, D., & Tversky, A. (1988) · Decision, Probability and Utility · doi:10.1017/cbo9780511609220.014 · Cited by 32,474
The General Theory of Employment, Interest and Money.
Schumpeter, J. A., & Keynes, J. M. (1936) · Journal of the American Statistical Association · doi:10.2307/2278703 · Cited by 14,485
The General Theory of Employment, Interest and Money.
F., A. W., & Keynes, J. M. (1936) · Journal of the Royal Statistical Society · doi:10.2307/2980590 · Cited by 12,562
The General Theory of Employment, Interest and Money, by John Maynard Keynes
Beckhart, B. H. (1936) · Political Science Quarterly · doi:10.2307/2143949 · Cited by 6,220
Expectations and the neutrality of money
Lucas, R. E. (1972) · Journal of Economic Theory · doi:10.1016/0022-0531(72)90142-1 · Cited by 4,740
Human Inference: Strategies and Shortcomings of Social Judgment.
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Friedman, M. (1995) · Essential Readings in Economics · doi:10.1007/978-1-349-24002-9_11 · Cited by 3,796
Human Inference: Strategies and Shortcomings of Social Judgment.
Connolly, T., Nisbett, R., & Ross, L. (1981) · Administrative Science Quarterly · doi:10.2307/2392481 · Cited by 2,632
Phillips, A. W. (1958) · Economica · doi:10.1111/j.1468-0335.1958.tb00003.x · Cited by 2,386
Cited by
The Zero Bound on Interest Rates and Optimal Monetary Policy
Eggertsson, G. B., & Woodford, M. (2003) · Brookings Papers on Economic Activity · doi:10.7916/d8s46pv9 · Cited by 854
Metadata
- Authors
- Akerlof, G. A., Dickens, W. T., & Perry, G. L.
- Venue
- Brookings Papers on Economic Activity
- Publisher
- Project MUSE
- Published
- 2000
- Volume
- 2000
- Issue
- 1
- Pages
- 1-44
- ISSN
- 0007-2303 (ISSN-L)
- 1533-4465
- OpenAlex
- W1988995432
- Cited by
- 527
- References
- 30
- FWCI
- 47.04
- Type
- journal article
- Language
- en
- Open access
- bronze
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