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Testing the Monetary Policy Implications of the Accelerationist Phillips Curve

Title data

Herz, Bernhard ; Röger, Werner:
Testing the Monetary Policy Implications of the Accelerationist Phillips Curve.
In: Ekonomia. Vol. 8 (2005) Issue 1 . - pp. 92-102.
ISSN 1025-5508

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Abstract in another language

The issue of the backward-looking versus the forward-looking Phillips curve is still an open question in the macroeconomics profession. We identify the real output effects of monetary policy shocks as a crucial implication of the traditional Phillips curve. The backward-looking Phillips curve predicts a strict intertemporal trade-off in the case of monetary shocks: a positive short run response of output is followed by a period where output is below the baseline. The resulting cumulative output effect is exactly zero. The empirical evidence on the cumulated output effects of money are in strikingly contrast to the backward-looking model.

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 13 Apr 2015 08:27
Last Modified: 13 Apr 2015 08:27
URI: https://eref.uni-bayreuth.de/id/eprint/10159