Aggregate Supply and Potential Output

Assaf Razin

The New-Keynesian aggregate supply derives from micro-foundations an inflation-dynamics model very much like the tradition in the monetary literature. Inflation is primarily affected by: (i) economic slack; (ii) expectations; (iii) supply shocks; and (iv) inflation persistence. This paper extends the New Keynesian aggregate supply relationship to include also fluctuations in potential output, as an additional determinant of the relationship. Implications for monetary rules and to the estimation of the Phillips curve are pointed out

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Year of publication:	February 2004
Authors:	Razin, Assaf
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Gesamtwirtschaftliches Angebot \| Aggregate supply \| Produktionspotenzial \| Potential output \| Theorie \| Theory \| Mikrofundierung \| Microfoundations \| Inflation \| Neoklassische Synthese \| Neoclassical synthesis \| Bruttoinlandsprodukt \| Gross domestic product

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