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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...

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Published in:Economic Inquiry Vol. 43; no. 1; pp. 194 - 206
Main Authors: Lee, Hsiu-Yun, Wu, Jyh-Lin, Chen, Show-Lin
Format: Article
Published: Wiley-Blackwell January 2005
Subjects:
Economic shock
Phillips curve
Estimation theory
Online Access:View this record in EBSCOhost

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