Economics, Econometrics and Finance
4 years ago

New-Keynesian Phillips Curve Unveils Tradeoff Between Output and Price Stability

SSRN Electronic Journal
Monetary Policy under Neoclassical and New-Keynesian Phillips Curves, with an Application to Price Level and Inflation Targeting
Michael T. Kiley

Paper Summary

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The article compares two different ways of managing money by looking at how prices change over time. One way is based on older ideas, while the other is based on newer ideas. The newer way shows that trying to keep prices stable can sometimes lead to problems with how much stuff is being made. This means that there might be a tradeoff between keeping prices steady and making sure enough things are being produced. The newer way seems to be more accurate based on real-world evidence.