THE PHILLIPS CURVE IN PORTUGAL

Detalhes bibliográficos
Autor(a) principal: Rosa, Agostinho Silvestre
Data de Publicação: 2013
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840
Resumo: This paper estimates the Phillips curve in Portugal using the Johansen Method, with the wage inflation rate as a dependent variable, based on annual data from the period 1954-1995. The main conclusions are as follows. Firstly, in the long term, the wage inflation rate relates positively to the inflation rate and negatively to the unemployment rate, as expected. There is also a positive relationship between the wage inflation rate and the average labour productivity growth index. Secondly, in the short term, the variation of the wage inflation rate relates negatively and significantly to the error correction mechanism with a negative unitary coefficient; therefore, there is a quick and significant response to the equilibrium error between the wage inflation rate and its determinants. Besides this adjustment, the wage inflation rate responds positively to a lagged wage inflation rate. The variation in the unemployment rate and the average labour productivity growth present the expected signal, negative and positive respectively, but without significance in the short term. The dummy that refers to the April 1974 revolution is significant.
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spelling THE PHILLIPS CURVE IN PORTUGALTHE PHILLIPS CURVE IN PORTUGALPhillips curveUnit rootsCointegrationC12C32E24E31Phillips curveUnit rootsCointegrationC12C32E24E31This paper estimates the Phillips curve in Portugal using the Johansen Method, with the wage inflation rate as a dependent variable, based on annual data from the period 1954-1995. The main conclusions are as follows. Firstly, in the long term, the wage inflation rate relates positively to the inflation rate and negatively to the unemployment rate, as expected. There is also a positive relationship between the wage inflation rate and the average labour productivity growth index. Secondly, in the short term, the variation of the wage inflation rate relates negatively and significantly to the error correction mechanism with a negative unitary coefficient; therefore, there is a quick and significant response to the equilibrium error between the wage inflation rate and its determinants. Besides this adjustment, the wage inflation rate responds positively to a lagged wage inflation rate. The variation in the unemployment rate and the average labour productivity growth present the expected signal, negative and positive respectively, but without significance in the short term. The dummy that refers to the April 1974 revolution is significant.This paper estimates the Phillips curve in Portugal using the Johansen Method, with the wage inflation rate as a dependent variable, based on annual data from the period 1954-1995. The main conclusions are as follows. Firstly, in the long term, the wage inflation rate relates positively to the inflation rate and negatively to the unemployment rate, as expected. There is also a positive relationship between the wage inflation rate and the average labour productivity growth index. Secondly, in the short term, the variation of the wage inflation rate relates negatively and significantly to the error correction mechanism with a negative unitary coefficient; therefore, there is a quick and significant response to the equilibrium error between the wage inflation rate and its determinants. Besides this adjustment, the wage inflation rate responds positively to a lagged wage inflation rate. The variation in the unemployment rate and the average labour productivity growth present the expected signal, negative and positive respectively, but without significance in the short term. The dummy that refers to the April 1974 revolution is significant.UFRGS2013-09-06info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/2984010.22456/2176-5456.29840Análise Econômica; Vol. 31 No. 60 (2013): setembro de 2013Análise Econômica; v. 31 n. 60 (2013): setembro de 20132176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840/26909Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessRosa, Agostinho Silvestre2013-09-17T16:29:18Zoai:seer.ufrgs.br:article/29840Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2013-09-17T16:29:18Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv THE PHILLIPS CURVE IN PORTUGAL
THE PHILLIPS CURVE IN PORTUGAL
title THE PHILLIPS CURVE IN PORTUGAL
spellingShingle THE PHILLIPS CURVE IN PORTUGAL
Rosa, Agostinho Silvestre
Phillips curve
Unit roots
Cointegration
C12
C32
E24
E31
Phillips curve
Unit roots
Cointegration
C12
C32
E24
E31
title_short THE PHILLIPS CURVE IN PORTUGAL
title_full THE PHILLIPS CURVE IN PORTUGAL
title_fullStr THE PHILLIPS CURVE IN PORTUGAL
title_full_unstemmed THE PHILLIPS CURVE IN PORTUGAL
title_sort THE PHILLIPS CURVE IN PORTUGAL
author Rosa, Agostinho Silvestre
author_facet Rosa, Agostinho Silvestre
author_role author
dc.contributor.author.fl_str_mv Rosa, Agostinho Silvestre
dc.subject.por.fl_str_mv Phillips curve
Unit roots
Cointegration
C12
C32
E24
E31
Phillips curve
Unit roots
Cointegration
C12
C32
E24
E31
topic Phillips curve
Unit roots
Cointegration
C12
C32
E24
E31
Phillips curve
Unit roots
Cointegration
C12
C32
E24
E31
description This paper estimates the Phillips curve in Portugal using the Johansen Method, with the wage inflation rate as a dependent variable, based on annual data from the period 1954-1995. The main conclusions are as follows. Firstly, in the long term, the wage inflation rate relates positively to the inflation rate and negatively to the unemployment rate, as expected. There is also a positive relationship between the wage inflation rate and the average labour productivity growth index. Secondly, in the short term, the variation of the wage inflation rate relates negatively and significantly to the error correction mechanism with a negative unitary coefficient; therefore, there is a quick and significant response to the equilibrium error between the wage inflation rate and its determinants. Besides this adjustment, the wage inflation rate responds positively to a lagged wage inflation rate. The variation in the unemployment rate and the average labour productivity growth present the expected signal, negative and positive respectively, but without significance in the short term. The dummy that refers to the April 1974 revolution is significant.
publishDate 2013
dc.date.none.fl_str_mv 2013-09-06
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840
10.22456/2176-5456.29840
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840
identifier_str_mv 10.22456/2176-5456.29840
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840/26909
dc.rights.driver.fl_str_mv Copyright (c) 2019 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 31 No. 60 (2013): setembro de 2013
Análise Econômica; v. 31 n. 60 (2013): setembro de 2013
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
_version_ 1799766267102494720

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