A Phillips curve interpretation of error-correction models of the wage and price dynamics
展示了一个就业、分配和通胀模型，其中名义工资和价格动态的误差修正设定与有限斜率的传统菲利普斯曲线完全兼容，并解释了如何用长期菲利普斯曲线理解各种冲击的稳态影响。
This paper presents a model of employment, distribution and inflation in which a modern error correction specification of the nominal wage and price dynamics (referring to claims on income by workers and firms) occupies a prominent role. It is brought out, explicitly, how this rather typical error-correction setting, which actually seems to capture the wage and price dynamics of many large-scale econometric models quite well, is fully compatible with the notion of an old-fashioned Phillips curve with finite slope. It is shown how the steady-state impact of various shocks to the model can be profitably conceived of and interpreted in terms of (and to some extent even calculated by means of) this long-run Phillips curve. Copyright The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.