‘Modern’ Phillips curves and the implications for the statistical process of inflation
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- 21 March 2016
- journal article
- research article
- Published by Taylor & Francis in Applied Economics Letters
- Vol. 24 (1) , 1-3
Abstract
‘Modern’ theories of the Phillips curve imply that inflation is an integrated, or near integrated’ process. This article explains this implication and why these ‘modern’ theories are logically inconsistent with what is commonly known about the statistical process of inflation.Keywords
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