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Phillips curves in West-Germany 1975–1985: On the role of the deutsche bundesbank as an expectation determining institution

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Summary

For the Federal Republic of Germany and for the period 1975–1985, the present study supports Friedman’s conjecture that a rise of the expected rate of inflation raises the rate of growth of money wages by the same amount, i.e. has no effect on employment. At all events, a systematic swap of “higher employment for higher inflation” was thus unlikely to succeed in the Federal Republic during the period under review.

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Authors
  1. Rudolf Richter
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  2. Frank Diener
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Richter, R., Diener, F. Phillips curves in West-Germany 1975–1985: On the role of the deutsche bundesbank as an expectation determining institution. Weltwirtschaftliches Archiv 123, 346–353 (1987). https://doi.org/10.1007/BF02706667

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