Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives
Unemployment is a first-rate problem of most countries, both underdeveloped and the most developed countries in the world. Young people, including the most educated, fail to find jobs and to exercise the right to work as a basic human right. Unemployment is also, due to job loss and uncertainty that...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Ministry of Defence of Serbia - Military Publishing House, Belgrade
2014-01-01
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| Series: | Војно дело |
| Subjects: | |
| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/0042-8426/2014/0042-84261402260P.pdf |
| _version_ | 1797662333666852864 |
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| author | Petrović Dragana Dokić Suzana Dinčić-Simić Danijela |
| author_facet | Petrović Dragana Dokić Suzana Dinčić-Simić Danijela |
| author_sort | Petrović Dragana |
| collection | DOAJ |
| description | Unemployment is a first-rate problem of most countries, both underdeveloped and the most developed countries in the world. Young people, including the most educated, fail to find jobs and to exercise the right to work as a basic human right. Unemployment is also, due to job loss and uncertainty that they will ever live from their work, a problem of the oldest workers. The effects of social marginalization and the loss of hope in their future for the unemployed, beside personal and family demoralization, are economically large and socially devastating. Given the reduced self-esteem and the dramatic implications that this phenomenon brings, it is not surprising that political parties in election campaigns try to win voters primarily promoting their own programs to create new jobs. Nor is it surprising that voters, due to non-fulfillment of the election promises to reduce unemployment, withhold their trust to the parties already in the first subsequent election. This paper, to the extent strictly necessary, makes the terminological demarcation of terms related to employment (unemployment), which serves as a framework for considering the various types of unemployment. Then it deals with the short and long-term Phillips curve and the determinants of the positions of the curve, such as the natural unemployment rate, expected inflation and supply shocks. A significant part of the paper is devoted to the Phillips curve model of the selection of macroeconomic objectives, with reference to the Republic of Serbia. In this sense, it considers the possibilities of using the curve in the selection of the macroeconomic objectives of our country, and then points to the need for reform of the economic system as a prerequisite for reducing the unemployment in the long run. |
| first_indexed | 2024-03-11T18:58:38Z |
| format | Article |
| id | doaj.art-a1f492d0d890449699a1ceba73d233e6 |
| institution | Directory Open Access Journal |
| issn | 0042-8426 2683-5703 |
| language | English |
| last_indexed | 2024-03-11T18:58:38Z |
| publishDate | 2014-01-01 |
| publisher | Ministry of Defence of Serbia - Military Publishing House, Belgrade |
| record_format | Article |
| series | Војно дело |
| spelling | doaj.art-a1f492d0d890449699a1ceba73d233e62023-10-10T13:43:55ZengMinistry of Defence of Serbia - Military Publishing House, BelgradeВојно дело0042-84262683-57032014-01-0166226028710.5937/vojdelo1402260p0042-84261402260PUnemployment and inflation in the Phillips curve model for selection of macroeconomic objectivesPetrović Dragana0Dokić Suzana1Dinčić-Simić Danijela2Visoka poslovna škola, Beograd, Serbia'Telekom' Srbija, Serbia'Telekom' Srbija, SerbiaUnemployment is a first-rate problem of most countries, both underdeveloped and the most developed countries in the world. Young people, including the most educated, fail to find jobs and to exercise the right to work as a basic human right. Unemployment is also, due to job loss and uncertainty that they will ever live from their work, a problem of the oldest workers. The effects of social marginalization and the loss of hope in their future for the unemployed, beside personal and family demoralization, are economically large and socially devastating. Given the reduced self-esteem and the dramatic implications that this phenomenon brings, it is not surprising that political parties in election campaigns try to win voters primarily promoting their own programs to create new jobs. Nor is it surprising that voters, due to non-fulfillment of the election promises to reduce unemployment, withhold their trust to the parties already in the first subsequent election. This paper, to the extent strictly necessary, makes the terminological demarcation of terms related to employment (unemployment), which serves as a framework for considering the various types of unemployment. Then it deals with the short and long-term Phillips curve and the determinants of the positions of the curve, such as the natural unemployment rate, expected inflation and supply shocks. A significant part of the paper is devoted to the Phillips curve model of the selection of macroeconomic objectives, with reference to the Republic of Serbia. In this sense, it considers the possibilities of using the curve in the selection of the macroeconomic objectives of our country, and then points to the need for reform of the economic system as a prerequisite for reducing the unemployment in the long run.https://scindeks-clanci.ceon.rs/data/pdf/0042-8426/2014/0042-84261402260P.pdfunemployment (employment)employment (unemployment) rateoptimal employmentinflationphillips curvemonetary policymacroeconomic objectiveseconomy system reformlabor market reform |
| spellingShingle | Petrović Dragana Dokić Suzana Dinčić-Simić Danijela Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives Војно дело unemployment (employment) employment (unemployment) rate optimal employment inflation phillips curve monetary policy macroeconomic objectives economy system reform labor market reform |
| title | Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives |
| title_full | Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives |
| title_fullStr | Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives |
| title_full_unstemmed | Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives |
| title_short | Unemployment and inflation in the Phillips curve model for selection of macroeconomic objectives |
| title_sort | unemployment and inflation in the phillips curve model for selection of macroeconomic objectives |
| topic | unemployment (employment) employment (unemployment) rate optimal employment inflation phillips curve monetary policy macroeconomic objectives economy system reform labor market reform |
| url | https://scindeks-clanci.ceon.rs/data/pdf/0042-8426/2014/0042-84261402260P.pdf |
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