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    Price Level Stabilization Experiments Using the Dynamic Phillips Curve Concept

    Source: Journal of Dynamic Systems, Measurement, and Control:;1976:;volume( 098 ):;issue: 001::page 68
    Author:
    A. J. Healey
    ,
    F. Medina
    DOI: 10.1115/1.3426988
    Publisher: The American Society of Mechanical Engineers (ASME)
    Abstract: This paper deals with the price-level stabilization issue from a monetarist point of view. Government fiscal action is assumed to be ineffective without corresponding monetary actions. The price-level stabilization is studied here using the dynamic econometric model developed by the St. Louis Federal Reserve Bank and, employing a linear parameterised control law, optimized monetary policies are found which drive the economy to specified target inflation rates. The economic response is described in terms of dynamic Phillips curves and the tradeoff between short term unemployment and long term stabilized inflation rates is given. The control solution indicates that optimized monetary policy should be initially contractionary, followed by a mild expansionary phase. There is a short term rise in unemployment which is the price paid for stabilized low inflation rates.
    keyword(s): Inflationary universe , Economics AND Governments ,
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      Price Level Stabilization Experiments Using the Dynamic Phillips Curve Concept

    URI
    http://yetl.yabesh.ir/yetl1/handle/yetl/88512
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    • Journal of Dynamic Systems, Measurement, and Control

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    contributor authorA. J. Healey
    contributor authorF. Medina
    date accessioned2017-05-08T23:00:27Z
    date available2017-05-08T23:00:27Z
    date copyrightMarch, 1976
    date issued1976
    identifier issn0022-0434
    identifier otherJDSMAA-26034#68_1.pdf
    identifier urihttp://yetl.yabesh.ir/yetl/handle/yetl/88512
    description abstractThis paper deals with the price-level stabilization issue from a monetarist point of view. Government fiscal action is assumed to be ineffective without corresponding monetary actions. The price-level stabilization is studied here using the dynamic econometric model developed by the St. Louis Federal Reserve Bank and, employing a linear parameterised control law, optimized monetary policies are found which drive the economy to specified target inflation rates. The economic response is described in terms of dynamic Phillips curves and the tradeoff between short term unemployment and long term stabilized inflation rates is given. The control solution indicates that optimized monetary policy should be initially contractionary, followed by a mild expansionary phase. There is a short term rise in unemployment which is the price paid for stabilized low inflation rates.
    publisherThe American Society of Mechanical Engineers (ASME)
    titlePrice Level Stabilization Experiments Using the Dynamic Phillips Curve Concept
    typeJournal Paper
    journal volume98
    journal issue1
    journal titleJournal of Dynamic Systems, Measurement, and Control
    identifier doi10.1115/1.3426988
    journal fristpage68
    journal lastpage74
    identifier eissn1528-9028
    keywordsInflationary universe
    keywordsEconomics AND Governments
    treeJournal of Dynamic Systems, Measurement, and Control:;1976:;volume( 098 ):;issue: 001
    contenttypeFulltext
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    DSpace software copyright © 2002-2015  DuraSpace
    نرم افزار کتابخانه دیجیتال "دی اسپیس" فارسی شده توسط یابش برای کتابخانه های ایرانی | تماس با یابش
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