The Short-Run Phillips Curve with Monopoly Unions
研究了在工会设定工资、政府影响物价、企业决定就业的经济中，菲利普斯曲线的斜率如何因冲击性质不同而向上或向下倾斜，并分析了工资指数化对平均通胀的影响。
This paper concerns an economy subject to stochastic shocks, where a union sets wages, the government affects the price level, and firms set employment. The author shows that the Phillips curve may then be upward or downward sloping for given preferences of agents, depending on the nature of the shocks. It most likely slopes downward when the government has little short-run control of the price level or shocks stem from the demand side, and upward when shocks originate on the production side. Average inflation, while inefficiently high, is brought down by union indexation of wages to the price level. Copyright 1988 by The editors of the Scandinavian Journal of Economics.