English, Article, Journal or magazine article edition: Does Modern Econometrics replicate the Phillips Curve? Shadman-Mehta, Fatemeh

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Bookmark: http://trove.nla.gov.au/version/4027
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Does Modern Econometrics replicate the Phillips Curve?
Author
  • Shadman-Mehta, Fatemeh
Physical Description
  • preprint
Notes
  • This paper reexamines the existence of a long-run relationship between wages and unemployment in the U.K., with data over the period 1860-1913 used by A.W. Phillips to derive the well-known Phillips Curve. Using Johansen's maximum likelihood method of testing for cointegration, a long-run inverse relationship is indeed depicted between the rate of inflation and the unemployment rate. However, the main impact of deviations from this long-run equilibrium is on the unemployment rate rather than the rate of inflation.
  • Phillips Curve; long-run equilibrium; cointegration
  • RePEc:ctl:louvir:1996015
Language
  • English
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