Rezumat articol ediţie STUDIA UNIVERSITATIS BABEŞ-BOLYAI

În partea de jos este prezentat rezumatul articolului selectat. Pentru revenire la cuprinsul ediţiei din care face parte acest articol, se accesează linkul din titlu. Pentru vizualizarea tuturor articolelor din arhivă la care este autor/coautor unul din autorii de mai jos, se accesează linkul din numele autorului.

 
       
         
    STUDIA OECONOMICA - Ediţia nr.3 din 2020  
         
  Articol:   MICROECONOMIC FOUNDATION OF THE PHILLIPS CURVE.

Autori:  YASUHITO TANAKA.
 
       
         
  Rezumat:  
DOI: 10.2478/subboec-2020-0012

Published Online: 2020-12-28
Published Print: 2020-12-30
pp. 14-26

VIEW PDF

FULL PDF

ABSTRACT: It is an important problem to derive negative relation between the unemployment rate and the inflation rate, that is, the Phillips curve without market imperfection. We derive the Phillips curve using an overlapping generations model under monopolistic competition. We consider the effects of exogenous changes in labor productivity. An increase (decrease) in the labor productivity in a period induces a decrease (increase) in the employment, an increase (decrease) in the unemployment rate and a falling (rising) in the price of the goods in the same period. Then, given the price in the previous period the inflation rate falls (rises). This conclusion is based on the premise of utility maximization of consumers and profit maximization of firms. Therefore, we have presented a microeconomic foundation of the Phillips curve.

Keywords: Phillips Curve, Microeconomic foundation, Overlapping generations model, Monopolistic competition.

JEL classifications: E12, E24, E31
 
         
     
         
         
      Revenire la pagina precedentă