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http://repositoriodigital.academica.mx/jspui/handle/987654321/81366| Título: | The backward bending Phillips curves: competing micro-foundations and the role of conflict |
| Palabras clave: | backward bending Phillips curve behavioral economics conflict economics |
| Fecha de publicación: | 16-Jul-2012 |
| Editorial: | Investigación económica |
| Descripción: | This paper excavates the micro-foundations of the Phillips curve and presents a model of the backward bending Phillips curve that incorporates elements of wage conflict. This unifies the conflict and demand-pull approaches that are often viewed as separate. There are two alternative micro-foundations for the Phillips curve. One emphasizes worker-firm conflict and incorporation of inflation expectations into nominal wages: the other emphasizes behavioral economics and near-rationality of expectations. A Phillips curve can emerge either because workers systematically under-predict inflation via near-rationality, or because workers do not fully incorporate inflation expectations owing to local unemployment conditions that induce wage concessions. |
| Other Identifiers: | http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0185-16672009000400001 |
| Aparece en las Colecciones: | Investigación Económica |
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