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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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