01689cas a2200253 a 4500 AALejournalIMF000304 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451843507 1018-5941 BD-DhAAL BD-DhAAL Laxton, Douglas. Phillips Curves, Phillips Lines and the Unemplyment Costs of Overheating / Douglas Laxton, Peter Clark. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (50 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models. Mode of access: Internet Clark, Peter. IMF Working Papers; Working Paper ; No. 1997/017 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/017/001.1997.issue-017-en.xml IMF e-Library