Technology, Utilization, and Inflation: What Drives the New Keynesian Phillips Curve?

Material TypeArticleLanguageEnglish
TitleTechnology, Utilization, and Inflation: What Drives the New Keynesian Phillips Curve? Author(S)McADAM PETER (Author)
Abstract  We argue that the New Keynesian Phillips Curve literature has failed to deliver a convincing measure of real marginal costs. We start from a careful modeling of optimal price setting allowing for nonunitary factor substitution, nonneutral technical change, and time-varying factor utilization rates. ...Paginationp 1547–1579
SubjectEconomicsDescriptorsEconomics
Journal TitleJournal of Money, Credit, and Banking  
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