The Phillips Curve in Portugal
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10174/9088 |
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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The Phillips Curve in PortugalPhillips curveUnit RootsCointegrationThis 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.Faculdade de Ciências Econômicas da Universidade Federal de Rio Grande do Sul2013-12-16T17:26:56Z2013-12-162013-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/9088http://hdl.handle.net/10174/9088engRosa, Agostinho S. (2013). The Phillips Curve in Portugal. Análise Econômica, Porto Alegre, 31(60):101-109.http://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840/26909arosa@uevora.pt747Rosa, Agostinho S.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-03T18:50:42Zoai:dspace.uevora.pt:10174/9088Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:03:13.468926Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The Phillips Curve in Portugal |
title |
The Phillips Curve in Portugal |
spellingShingle |
The Phillips Curve in Portugal Rosa, Agostinho S. Phillips curve Unit Roots Cointegration |
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 S. |
author_facet |
Rosa, Agostinho S. |
author_role |
author |
dc.contributor.author.fl_str_mv |
Rosa, Agostinho S. |
dc.subject.por.fl_str_mv |
Phillips curve Unit Roots Cointegration |
topic |
Phillips curve Unit Roots Cointegration |
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 |
2013-12-16T17:26:56Z 2013-12-16 2013-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10174/9088 http://hdl.handle.net/10174/9088 |
url |
http://hdl.handle.net/10174/9088 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Rosa, Agostinho S. (2013). The Phillips Curve in Portugal. Análise Econômica, Porto Alegre, 31(60):101-109. http://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/29840/26909 arosa@uevora.pt 747 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Faculdade de Ciências Econômicas da Universidade Federal de Rio Grande do Sul |
publisher.none.fl_str_mv |
Faculdade de Ciências Econômicas da Universidade Federal de Rio Grande do Sul |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799136515805151232 |