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
Related URLs
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 |
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Refereed: | Yes |
Institutions of the University: | Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance > Chair Economics I - International Economics and Finance - 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 - International Economics and Finance |
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 |