A Consistent Characterization of a Near-Century of Price Behavior

This paper demonstrates that the commonly used Expectational Phillips Curve (EPC) framework cannot explain the last eighty-seven years of aggregate price behavior in the United States. The EPC explanation, which in its most general form relates price change to expected inflation and the level of det...

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Bibliographic Details
Main Author: Gordon, Robert J.
Other Involved Persons: National Bureau of Economic Research
Format: eBook
Published: Cambridge, Mass : National Bureau of Economic Research 1980
Series:NBER working paper series no. w0455
Item Description:February 1980
Physical Description:1 Online-Ressource
Format:Mode of access: World Wide Web.
System requirements: Adobe [Acrobat] Reader required for PDF files.
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