Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/192607 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Discussion Papers No. 625
Verlag: 
Statistics Norway, Research Department, Oslo
Zusammenfassung: 
We derive aggregate supply (AS) relationships for an intermediate-run macro model.The wage-price spiral provides the conceptual framework for a synthesis of different contesting theoretical and empirical perspectives on the AS curve: the Phillips curve model (PCM) and the wage-price equilibrium correction model (WPECM). The generalized AS curve is grafted into a small macro model. We analyze stability conditions, steady states, and dynamic solutions, using a combination of algebra and simulations. The specification of the AS curve, as a PCM or a WPECM, is shown to be important for all aspects of the model's solution, but within each model also the detailed parameterization is of qualitative importance. For example, endogenous cyclical fuctuations are typical for both nominal and real variables, e.g. inflation and unemployment.
Schlagwörter: 
AS-AD
cycles
dynamics
equilibrium correction
macroeconomics
nominal rigidity
Phillips curve
unemployment
wage-price spiral.
JEL: 
E24
E30
J50
Dokumentart: 
Working Paper

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