An Anatomy of the Phillips Curve Marika Karanassou Queen

@inproceedings{Karanassou2004AnAO,
  title={An Anatomy of the Phillips Curve Marika Karanassou Queen},
  author={Marika Karanassou and Dennis J. Snower},
  year={2004}
}
The paper examines how the long-run inflation-unemployment tradeoff depends on the degree to which wage-price decisions are backwardversus forward-looking. When economic agents, facing time-contingent, staggered nominal contracts, have a positive rate of time preference, the current wage and price levels depend more heavily on past variables (e.g. past… CONTINUE READING