{"product_id":"traditional-versus-new-keynesian-phillips-curves-evidence-from-output-effects-paperback","title":"Traditional Versus New Keynesian Phillips Curves: Evidence from Output Effects - Paperback","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eWerner Roeger\u003c\/b\u003e (Author), \u003cb\u003eBernhard Herz\u003c\/b\u003e (Author), \u003cb\u003eInternational Journal of Central Banking\u003c\/b\u003e (Created by)\u003c\/p\u003e\u003cp\u003eWe identify a crucial difference between the backward-ooking and forward-looking Phillips curve concerning the real output effects of monetary policy shocks. The backward-ooking Phillips curve predicts a strict intertemporal trade-off in the case of monetary shocks: a positive short-run response of output is followed by a period in which output is below baseline and the cumulative output effect is exactly zero. In contrast, the forward-looking model implies a positive cumulative output effect. The empirical evidence on the cumulated output effects of money is consistent with the forward-looking model. We also use this method to determine the degree of forward-looking price setting.\u003c\/p\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 26\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.05 x 9.69 x 7.44 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e September 20, 2012\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":45863028359365,"sku":"9781249454809","price":29.09,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0757\/6718\/5605\/files\/qCywv5hQnk9781249454809.webp?v=1771576161","url":"https:\/\/selloorium.com\/products\/traditional-versus-new-keynesian-phillips-curves-evidence-from-output-effects-paperback","provider":"Selloorium","version":"1.0","type":"link"}