Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/270473 
Year of Publication: 
2022
Series/Report no.: 
FMM Working Paper No. 75
Publisher: 
Hans-Böckler-Stiftung, Macroeconomic Policy Institute (IMK), Forum for Macroeconomics and Macroeconomic Policies (FMM), Düsseldorf
Abstract: 
This paper provides an institutional-analytical account of changes in the structure of the US Phillips curve (PC) during the post-war period. It does so by restoring conflict and power to the forefront of macro theory and, in particular, the wage- and price-setting behaviour of workers and firms. The resulting account is consistent with the main stylized facts that characterize the evolution of the US PC since 1948: the disappearance and subsequent reappearance of a 'standard' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the flattening of the PC since the 1990s.
Subjects: 
Phillips Curve
inflation
unemployment
natural rate hypothesis
bargaining power
institutions
JEL: 
E12
E24
E25
E31
N12
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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