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oai:docta.ucm.es:20.500.14352/450862023-08-26T00:27:01Zcom_20.500.14352_14col_20.500.14352_15

Using a CGE Model to Identify the Policy Trade-Off between Unemployment and Inflation: The Efficient Phillips Curve André García, Francisco Javier Lima, Carmen M. Cardenete, M. Alejandro This paper provides a new reading of a classical economic relation: the short-run Phillips curve. Our point is that, when dealing with inflation and unemployment, policy-making can be understood as a multicriteria decisionmaking problem. Hence, we use so-called multiobjective programming in connection with a computable general equilibrium (CGE) model to determine the combinations of policy instruments that provide efficient combinations of inflation and unemployment. This approach results in an alternative version of the Phillips curve labelled as efficient Phillips curve. Our aim is to present an application of CGE models to a new area of research that can be especially useful when addressing policy exercises with real data. We apply our methodological proposal within a particular regional economy, Andalusia, in the south of Spain. This tool can give some keys for policy advice and policy implementation in the fight against unemployment and inflation. 2023-06-20T04:14:46Z 2023-06-20T04:14:46Z 2023-06-20T04:14:46Z 2012 journal article https://hdl.handle.net/20.500.14352/45086 1469-5758 10.1080/09535314.2012.691088 eng ECO 2009-13357 SEJ 2006- 00712 SEC2003-05112 ECO2009-14586-C02-01 P07-SEJ-02936 SEJ 04992 XT0095-2004 SGR578-2009-2011 PAI SEJ-479 SEJ- 4546 APP2D09033 open access