Economics, Econometrics and Finance
4 years ago

New model predicts inflation, guides policy to prevent economic turmoil.

The Phillips Curve Now and Then
Robert D. Gordon

Paper Summary

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The model of inflation described in the article links inflation to real output growth and excess nominal GNP growth. By targeting excess nominal GNP growth, inflation acceleration can be avoided. The model accurately predicted the output loss during the 1980s slump and the slow inflation acceleration in 1987.