The U.S. Phillips curve: the case for asymmetry

Article Abstract:

The form of the US Phillips curve has significant implications for monetary policy. If the Phillips Curve is linear, positive and negative shocks to demand cancel out so that the overall effect on inflation will average to zero, regardless of monetary policy. Thus, in a linear world, there is little incentive to battle inflationary pressures. However, in the case of an asymmetric or convex Phillips curve, positive shocks to demand increase inflation to a greater extent than negative shocks of the same magnitude. In this case, early action to counteract inflation can succeed if timed well.

Economic aspects, Inflation (Finance), Unemployment, Monetary policy, Inflation (Economics), Phillips curve

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Taxing Super

Article Abstract:

Issues concerning the complicated features of Australia's tax policy towards pension funds are presented, focusing on a proposal to simplify and improve the system. Topics include comparisons with other countries and the economic cost of a poor tax policy.

Australia, Statistical Data Included, Taxation, Pension funds, Tax policy, Retirees

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