長期フィリップス曲線とスタグフレーション

概要

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Since the late 1960's there has been much discussion of the effect of Phillips curve on inflationary expectation. Most of this, however, has been concerned only with the economy without technological progress in quality. This paper deals with an entirely different aspect of the economics of inflation. Consumers often purchase at the present day what they plan to buy in the future in response to expected a higher price level. Thus a rise in inflationary expectation may induce mixed technological progress together with progress in production technology and product technology. In particular, technological progress in quality will have a serious impact on the labour demand, and as a result, the labour demand curves cross. Thus there is a possibility that a rise in inflationary expectation shifts the Phillips curve either toward the right or left side. Figures 8 and 9 describe the fact that a long-run Phillips curve is not vertical. Obviously Figure 8 tells us a cause of stagflation and Figure 9 suggests the effectiveness of Keynes policy.
麗澤大学の論文