Search results for "Phillips"
showing 10 items of 15 documents
Active monetary policy and instability in a phillips curve system
1998
The presence of nonlinearities in a Phillips curve system yields to complex dynamics, i.e., cyclical behavior that may (under some parametric set) become chaotic. This paper extends these conclusions by including an active monetary policy. We show how stabilization policy may lead to amplified instabilities and that agents' expectations tend to play a key role in the amount of these instabilities.
Testing the stationarity of interest rates using a SUR approach
1998
Abstract Using data on average yields to maturity of German bonds with different time to maturity it is shown that the time series contain a unit root if the standard augmented Dickey–Fuller test is applied separately to each series. To improve the power of the test we carried out a recently developed approach, estimating the regressions for each time to maturity jointly using a seemingly unrelated regressions approach.
Wage Drift: Phillips Curve vs Bargaining Models
1994
: The purpose of this paper is to shed light on the debate on market- versus bargaining-determined total earnings by examining whether models of wage drift based on wage-bargaining considerations empirically outperform models based on simple ad hoc formulations relating wage drift to excess demand for labour. The task is carried out by investigating the empirical performance of two bargaining models and two Phillips curve models in the context of data on the Finnish metal industry. The results suggest that the former perform better than the latter, thus providing support for the hypothesis that total earnings are bargaining-determined. Furthermore, the results are in line with the view that…
Voiko etiikkaa opettaa : etiikan opetettavuuden tarkastelua Lawrence Kohlbergin, D. Z. Phillipsin ja Martha C. Nussbaumin ajattelun valossa
2016
VOIKO ETIIKKAA OPETTAA? Etiikan opetettavuuden tarkastelua Lawrence Kohlbergin, D. Z. Phillipsin ja Martha C. Nus- sabumin ajattelun valossa Vesa Nuorva Filosofia Pro gradu –tutkielma Yhteiskuntatieteiden ja filosofian laitos Ohjaaja: Professori Mikko Yrjönsuuri Kevät 2016 129 sivua Tutkimuksen tehtävänä oli selvittää etiikan opetuksen mahdollisuutta ja mielekkyyttä yleissivistä- vässä ja ammatillisessa koulutuksessa Suomessa. Näitä koulutuksia säätelevät lait edellyttävät, että oppilaista tulee eettisesti hyvin käyttäytyviä ja vastuullisia kansalaisia. Tutkimuksen näkökulma ei kuitenkaan ole ollut etiikan opetuksessa pedagogisena prosessina, vaan etiikan opetettavuu…
Change of regime and Phillips curve stability: The case of Spain, 1964–2002
2007
Following the emergence of the Lucas critique, traditional Phillips curves relating inflation to a measure of the level of activity, and augmented to include past inflation (assumed to proxy expected inflation), have been deemed to be highly unstable over time. In this paper we try to investigate, using recent econometric developments, whether such a statement can be supported over a long time period. In the empirical application, we analyze the case of Spain along the period 1964–2002.
Política monetària en el model amb expectatives, corba de Philipps: pràctica d'ordinador
2009
Recomendamos un ejercicio numérico que permite a los estudiantes observar la dinámica de un simple modelo, compuesto por la curva de Phillips, ley de Okun y demanda agregada, ante variaciones en la política monetaria. El ejercicio tiene como objetivo enseñar a los estudiantes la importancia de la manera en la que se forman las expectativas y la (no)credibilidad del banco central para el cumplimiento de los objetivos de la política monetaria.
'Sinking Hopeful Roots into Difficult Soil': Caryl Phillips' Crossing the River.
1998
This article proposes a reading of Caryl Phillips Booker-shortlisted novel Crossing the River as an exemplary text of the African Diaspora.
A rational expectations model for simulation and policy evaluation of the Spanish economy
2010
This paper presents the model used for simulation purposes within the Spanish Ministry of Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish economy) is a small open economy dynamic general equilibrium model in the vein of the New-Neoclassical-Keynesian synthesis models, with a strongly micro-founded system of equations. In the long run REMS behaves in accordance with the neoclassical growth model. In the short run, it incorporates nominal, real and financial frictions. Real frictions include adjustment costs in consumption (via habits in consumption and rule-of-thumb households) and investment into physical capital. Due to financial frictions, there is no per…
Labour Market Institutions and Inflation Differentials in the EU
2015
Adopting a simple Phillips curve framework, we show that different labour market institutions across EU countries are associated with significant differences in the response of inflation to unemployment and exchange rate shocks. More wage coordination and higher union density flatten the Phillips curve and increase the inflation response to the real exchange rate, i.e. the exchange rate pass-through. In addition, using a new approach to the classification of goods and services as "traded" or "non-traded", we show that both these institutional effects are significantly stronger for the more exposed (traded) sector.
"Mroczna otchłań". Archetypowa interpretacja opowiadania "Przemiana Juana Romero" Howarda P. Lovecrafta
2020
The setting of “The Transition of Juan Romero” – the short story by Howard Phillips Lovecraft, who was the originator of modern American horror fiction – is “the gold mine in the Cactus Range”. Drawing on the theories of Carl Gustav Jung, the author of the present interpretation amplifies the cultural dimensions of Lovecraft’s text, giving prominence to its origin from the ancient myths of the Aztecs, and using the so-called psychological alchemy to show the archetypal symbolism and structure of the story. Such a critical perspective, which takes into account different layers of the authorial intentionality and the reader’s response, reveals the complexity of the characters and situations, …