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Defensive Expectations

- Reinventing the Phillips Curve as a Policy Mix
Af: Liviu Voinea Engelsk Hardback

Defensive Expectations

- Reinventing the Phillips Curve as a Policy Mix
Af: Liviu Voinea Engelsk Hardback
Tjek vores konkurrenters priser

This book explains why inflation remains subdued after recessions, based on three revolutionary concepts: defensive expectations, compensatory savings, and cumulative wage gap. When income falls, consumption falls, and savings rise, as people rebuild their past wealth. Households will not spend more until they fully recover what they lost. The revised Phillips Curve explains that current inflation depends on the cumulative difference between current income and past income.

This new theory is tested and validated by data for US since 1960 to date and for 35 OECD countries from 1990 to date. A number of policy implications are derived from these results. The book calls for an optimal policy mix between monetary policy and fiscal policy; it also discusses the coronavirus crisis as an extreme case of defensive expectations.

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This book explains why inflation remains subdued after recessions, based on three revolutionary concepts: defensive expectations, compensatory savings, and cumulative wage gap. When income falls, consumption falls, and savings rise, as people rebuild their past wealth. Households will not spend more until they fully recover what they lost. The revised Phillips Curve explains that current inflation depends on the cumulative difference between current income and past income.

This new theory is tested and validated by data for US since 1960 to date and for 35 OECD countries from 1990 to date. A number of policy implications are derived from these results. The book calls for an optimal policy mix between monetary policy and fiscal policy; it also discusses the coronavirus crisis as an extreme case of defensive expectations.

Produktdetaljer
Sprog: Engelsk
Sider: 196
ISBN-13: 9783030550448
Indbinding: Hardback
Udgave:
ISBN-10: 3030550443
Kategori: Makroøkonomi
Udg. Dato: 10 dec 2020
Længde: 19mm
Bredde: 218mm
Højde: 155mm
Forlag: Springer Nature Switzerland AG
Oplagsdato: 10 dec 2020
Forfatter(e): Liviu Voinea
Forfatter(e) Liviu Voinea


Kategori Makroøkonomi


ISBN-13 9783030550448


Sprog Engelsk


Indbinding Hardback


Sider 196


Udgave


Længde 19mm


Bredde 218mm


Højde 155mm


Udg. Dato 10 dec 2020


Oplagsdato 10 dec 2020


Forlag Springer Nature Switzerland AG