Defensive Expectations: Reinventing the Phillips Curve as a Policy Mix

en Limba Engleză Hardback – 10 dec 2020

This book explains why inflation remains subdued after recessions, based on three revolutionary concepts: defensive expectations, compensatory savings, and cumulative wage gap. When income falls, consumption falls, and savings rise, as people rebuild their past wealth. Households will not spend more until they fully recover what they lost. The revised Phillips Curve explains that current inflation depends on the cumulative difference between current income and past income.
This new theory is tested and validated by data for US since 1960 to date and for 35 OECD countries from 1990 to date. A number of policy implications are derived from these results. The book calls for an optimal policy mix between monetary policy and fiscal policy; it also discusses the coronavirus crisis as an extreme case of defensive expectations.

Citește tot Restrânge

Toate formatele și edițiile

	Preț	Express
Paperback (1)	440^.48 lei 6-8 săpt.
Springer International Publishing – 11 dec 2021	440^.48 lei 6-8 săpt.
Hardback (1)	373^.96 lei 3-5 săpt.	+24^.97 lei 6-12 zile
Springer International Publishing – 10 dec 2020	373^.96 lei 3-5 săpt.	+24^.97 lei 6-12 zile

Preț: 373^.96 lei

Nou

Puncte Express: 561

:
71^.56€ • 75^.28$ • 59^.40£

Carte disponibilă

Livrare economică 26 decembrie 24 - 09 ianuarie 25
Livrare express 11-17 decembrie pentru 34^.96 lei

Adaugă în coș

Wish list
Gift list
Am citit!

Adaugă în listă

Preluare comenzi: 021 569.72.76

Specificații

ISBN-13: 9783030550448
ISBN-10: 3030550443
Pagini: 196
Ilustrații: XXVII, 196 p. 21 illus.
Dimensiuni: 148 x 210 x 19 mm
Greutate: 0.45 kg
Ediția:1st ed. 2021
Editura: Springer International Publishing
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland

Cuprins

1. The Phillips Curve: what went wrong.- 2. An alternative theory of consumption.- 3. The post-crisis Phillips Curve: cumulative wage gap vs. inflation gap.- 4. Empirical evidence.- 5. Policy implications.

Notă biografică

Liviu Voinea is Senior Advisor to the Executive Director and member of the Board of the International Monetary Fund. Prior to that, he was Deputy Governor of the National Bank of Romania (2014-2019), Budget Minister in the Romanian Government (2012-2014) and Deputy Minister of Finance (2012). He is professor of economics at the Bucharest University of Economic Studies. Liviu Voinea received the Romanian Academy Award for Economics.

Textul de pe ultima copertă

This book takes us through the journey of the Phillips Curve to the present debate, dominated by the post-great recession puzzles and the challenges to the fundamental stable relationship between inflation and economic slack. Liviu makes an insightful contribution to the discussion and to our understanding of inflation dynamics by introducing the concept of cumulative wage gap as a measure of slack.Luis de Guindos, Vice President European Central Bank

Caracteristici

Presents long-run data for 35 OECD countries to formulate analysis Works with observable variables only Makes a fundamental change of paradigm from flow to stock Allows for the Phillips Curve to be time-dependent

Papetărie, jocuri, reviste