Barro, Robert J.; Gordon, David B. - In: Credit and Capital Markets – Kredit und Kapital 52 (2019) 4, pp. 505-526
of the Phillips curve, the natural unemployment rate, and other variables that affect the benefits and costs from …. Natural rate models with rational expectations – such as Sargent and Wallace (1975) – suggest that the systematic parts of … monetary growth. Within the natural rate framework, it is difficult to reconcile this countercyclical monetary behavior with …