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The Instability of the Economy Pre-financial Crisis —— Some Considerations on the Phillips Curve: It's Still Reliable
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作者 Giovanni Antonio Cossiga 《Management Studies》 2017年第5期371-393,共23页
The paper tests the hypothesis that the traditional Phillips curve will have a new relevance today, though with very different purposes from those who have inspired research in the past. Therefore, we investigated the... The paper tests the hypothesis that the traditional Phillips curve will have a new relevance today, though with very different purposes from those who have inspired research in the past. Therefore, we investigated the hypothesis that the traditional trade-off between inflation and unemployment can be ascertained during the period of abnormal real estate boom and whether there are differences in its manifestation. With the analytical method and econometric was ascertained the validity of the trade-off between inflation and unemployment in the period of serious instability of economic systems, in large part with both rising variables. Trade-off is absent in relatively stable economies. The Phillips relation is not an event that renews itself in all economic systems, regardless of time and space. On the contrary, it is a temporary phenomenon, which occurs when the economy is struggling with the upward trend in inflation. It should therefore be listed as a manifestation of the unstable state in which a system is subjected due to shock. In this context, the relationship Phillips can manifest itself in an independent manner, without there being a recognizable direction, so it can be a sort of signal that the engine of the economy is jamming. According to this view, therefore, the Phillips relationship could be reborn to new life, regaining value as a phenomenon generated by instability and therefore recognized as a marker that leaves its mark, when an economy is suffering. 展开更多
关键词 INFLATION UNEMPLOYMENT IRRATIONALITY temporary phenomenon
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