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Inflação inercial e curva de Phillips

Luis Carlos Bresser Pereira and Yoshiaki Nakano

Revista de Economia Política 6(2), abril-junho 1986. In Bresser-Pereira and Nakano Inflação e Recessão. A Teoria da Inércia Inflacionária. São Paulo: Editora Brasiliense, 2nd. edition, 1984: 107-115. In English "Inertial Inflation and the Phillips Curve", in Bresser-Pereira and Nakano, The Theory of Inertial Inflation. Boulder, Co: Lynne Rienner Publishers, 1987.

This note introduces the problem of indexation of wages, exchange rate and other prices in the Phillips' curve. With this aim we developed a simplified model of inflationary process decopositing it in inertial inflation, the Phillips' curve and administered or supply shock inflation. Using this model we first show that a supply shock shifts the Phillips' curve accelerating the trend rate of inertial inflation. Second, that a continuous demand pressure through Phillips' curve leads to continuous acceleration of the inflation rate. And third, that a rise in the rate of unemployment may lead to an oligopolistic increase in the profit margin, which also leads a shift in the Phillips' curve and an acceleration of the inflation.