Working paper
The L-shaped aggregate supply curve and the future of macroeconomics
- Abstract:
- 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.
- Publication status:
- Published
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(Preview, Version of record, pdf, 89.9KB, Terms of use)
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Authors
- Publisher:
- University of Oxford
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2010-05-01
- Paper number:
- 486
- Keywords:
- Pubs id:
-
1143939
- Local pid:
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pubs:1143939
- Deposit date:
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2020-12-15
- ARK identifier:
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- Copyright date:
- 2010
- Rights statement:
- Copyright 2010 The Author(s)
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