A Theory-Based, State-Dependent Phillips Curve and its Estimation.
To explain the existing empirical irregularity about the slope of a Phillips curve, this article provides a model of imperfect competition to show that the slope of a Phillips curve is shock-dependent. We empirically apply a state-space, Markov-switching model to examine the impact of inflation surp...
| Publicado en: | Economic Inquiry Vol. 43; no. 1; pp. 194 - 206 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
January 2005
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510440533&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510440533 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: January 2005 vid: 43 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510440533 10.1093/ei/cbi013 ppf: 194 ppct: 12 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.1MB tig: atl: A Theory-Based, State-Dependent Phillips Curve and its Estimation. aug: au: Lee, Hsiu-Yun Wu, Jyh-Lin Chen, Show-Lin su: Economic shock Phillips curve Estimation theory sug: subj: Economic shock Phillips curve Estimation theory ab: To explain the existing empirical irregularity about the slope of a Phillips curve, this article provides a model of imperfect competition to show that the slope of a Phillips curve is shock-dependent. We empirically apply a state-space, Markov-switching model to examine the impact of inflation surprise on the unemployment gap, resulting in the state-dependent Phillips curve fitting quite well. Our empirical evidence indicates that an unexpected monetary expansion does produce effects in reducing unemployment rates and that supply shocks should not be ignored in estimating the Phillips curve because they dominate demand shocks in several nonoil shock periods. (JEL C51, E24, E52) Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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