Abstract
Some structural evidence indicating a substantial degree of inertia
in commodity prices in Pakistan within the context of a complete
rational expectations macroeconomic model is provided. The evidence also
supports the existence of a short‐run Phillips curve for Pakistan for
the period 1972(1) to 1981(4). What is more interesting is the existence
of a long‐run “trade‐off” between excess demand for labour
and inflation despite the fact that inflationary expectations are
assumed to be rational.
Subject
General Economics, Econometrics and Finance
Reference20 articles.
1. For a detailed discussion on the derivation of the proxy for the excess demand for labour, readers may refer to McCallum (1974), pp.57-58.
2. A Theory of Monopolistic Price Adjustment
3. A Theoretical Framework for Monetary Analysis
Cited by
1 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献