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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National Bureau of Economic Research
|Series:||NBER working paper series
no. w0455 |
|Item Description:||February 1980|
|Physical Description:||1 Online-Ressource|
|Format:||Mode of access: World Wide Web.|
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