; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "A Model of the Phillips Curve Based on Adverse Selection"; ; "batchuser@example.com"; "Smith, Bruce D. (Bruce David), 1954-2002"; "Federal Reserve Bank of Minneapolis"; "Money", "Unemployment", "Productivity", "Philips curve", "Prices", "Labor"; "E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity", "E32 - Business Fluctuations; Cycles", "E12 - General Aggregative Models: Keynes; Keynesian; Post-Keynesian"; "An overlapping generations model is developed that contains labor markets in which adverse selection problems arise. As a response to these problems, quantity rationing of labor occurs. In addition, the model is capable of generating (a) random employment and prices despite the absence of underlying uncertainty in equilibrium; (b) a statistical (nondegenerate) Phillips curve; (c) procyclical movements in productivity; (d) correlations between aggregate demand and unemployment (and output); (e) an absence of correlation between unemployment (employment) and real wages. In addition, the Phillips curve obtained typically has the \"correct\" slope. Finally, the model reconciles the theoretical importance and observed unimportance of intertemporal substitution effects, and explains why price level stability may be a poor policy objective."^^; "1983-06"; "2018-03-13T20:37:30.335508969+00:00"^^; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-07-11T19:45:28.445765516+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "735"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "230"; "Money", "Prices", "Unemployment", "Philips curve", "Productivity", "Labor"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .