Defensive Expectations Reinventing the Phillips Curve as a Policy Mix 1st edition by Liviu Voinea ISBN 3030550451 9783030550455

Defensive Expectations: Reinventing the Phillips Curve as a Policy Mix 1st edition by Liviu Voinea – Ebook PDF Instant Download/Delivery: 3030550451, 978-3030550455
Full download Defensive Expectations: Reinventing the Phillips Curve as a Policy Mix 1st Edition after payment

Product details:

ISBN 10:    3030550451
ISBN 13: 978-3030550455
Author:      Liviu Voinea

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.

Defensive Expectations: Reinventing the Phillips Curve as a Policy Mix 1st Table of contents:

1. The Imperative of Adjusting the Phillips Curve

2. An Alternative Theoretical Framework for Consumption and Saving

3. Inconvenient Truths

4. The Cumulative Wage Gap and the Phillips Curve

5. General Conclusions and Policy Implications

People also search for Defensive Expectations: Reinventing the Phillips Curve as a Policy Mix 1st:

defensive examples
defy expectations meaning
what makes a good defensive end
ideal defensive end size
being defensive examples

Tags:

Liviu Voinea,Defensive,Expectations,Reinventing,Phillips Curve,Policy Mix 1st