The L-shaped aggregate supply curve and the future of macroeconomics
The idea of the 'L-shaped aggregate supply curve', supposedly a feature of primitive macroeconomic models, is in fact a reasonable reconstruction of a well developed way of thinking that specifically denied a relation between wage change and aggregate employment. Neither that approach nor...
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| Aineistotyyppi: | Working paper |
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University of Oxford
2010
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| _version_ | 1826301460848050176 |
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| author | Forder, J |
| author_facet | Forder, J |
| author_sort | Forder, J |
| collection | OXFORD |
| description | The idea of the 'L-shaped aggregate supply curve', supposedly a feature of primitive macroeconomic models, is in fact a reasonable reconstruction of a well developed way of thinking that specifically denied a relation between wage change and aggregate employment. Neither that approach nor the idea of cost-push inflation to which it is related need be crude or superficial. Although the ideas in question were swept away by the Phillips curve, they have much merit and their reintroduction to mainstream macroeconomics might pay large dividends. |
| first_indexed | 2024-03-07T05:32:46Z |
| format | Working paper |
| id | oxford-uuid:e2d758fe-92e9-404c-b8cc-be1c8ce20563 |
| institution | University of Oxford |
| last_indexed | 2024-03-07T05:32:46Z |
| publishDate | 2010 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:e2d758fe-92e9-404c-b8cc-be1c8ce205632022-03-27T10:04:25ZThe L-shaped aggregate supply curve and the future of macroeconomicsWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:e2d758fe-92e9-404c-b8cc-be1c8ce20563Bulk import via SwordSymplectic ElementsUniversity of Oxford2010Forder, JThe idea of the 'L-shaped aggregate supply curve', supposedly a feature of primitive macroeconomic models, is in fact a reasonable reconstruction of a well developed way of thinking that specifically denied a relation between wage change and aggregate employment. Neither that approach nor the idea of cost-push inflation to which it is related need be crude or superficial. Although the ideas in question were swept away by the Phillips curve, they have much merit and their reintroduction to mainstream macroeconomics might pay large dividends. |
| spellingShingle | Forder, J The L-shaped aggregate supply curve and the future of macroeconomics |
| title | The L-shaped aggregate supply curve and the future of macroeconomics |
| title_full | The L-shaped aggregate supply curve and the future of macroeconomics |
| title_fullStr | The L-shaped aggregate supply curve and the future of macroeconomics |
| title_full_unstemmed | The L-shaped aggregate supply curve and the future of macroeconomics |
| title_short | The L-shaped aggregate supply curve and the future of macroeconomics |
| title_sort | l shaped aggregate supply curve and the future of macroeconomics |
| work_keys_str_mv | AT forderj thelshapedaggregatesupplycurveandthefutureofmacroeconomics AT forderj lshapedaggregatesupplycurveandthefutureofmacroeconomics |