RT Dissertation/Thesis
T1 Price stability versus full employment : the Phillips curve dilemma reconsidered
A1 Schwarzer,Johannes A.
WP 2016/06/08
AB This dissertation focuses on different interpretations of the Phillips curve particularly from the end of the 1950s to the beginning of the 1970s. In the 1950s and 1960s the Phillips curve was mainly perceived as a “cruel dilemma”. From this perspective the curve seemed to imply that price stability and full employment (and to some extent also economic growth) are mutually conflicting policy objectives. Furthermore, the curve was usually regarded as describing disequilibrium phenomena, that is, excess demand or supply on the labour market causing a price reaction. On the other hand, particularly since the late 1960s, the Phillips curve became more and more embedded into an equilibrium approach, so that departures from a “natural rate of unemployment” are possible only by surprise inflation. Moreover, within this view, price stability and full employment are assumed to be compatible policy goals. These two different lines of thought are presented in three already published peer-reviewed journal articles which are reproduced in the first half of this Ph.D. thesis. The underlying reasons for these different views are then discussed in the remainder of the dissertation. It is shown that both lines of thought built on very different assumptions regarding the causes of inflation and the specific kind of unemployment prevailing in the economy. The discussion is then related to current economic models (such as the New Keynesian approach) which also point at a possible conflict between price stability and full employment.
K1 Phillips-Kurve
K1 Preisstabilität
K1 Vollbeschäftigung
K1 Wirtschaftspolitik
K1 Inflationstheorie
K1 Lohntheorie
K1 Wachstum
PP Hohenheim
PB Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
UL http://opus.uni-hohenheim.de/volltexte/2016/1217