Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA

Detalhes bibliográficos
Autor(a) principal: St. Aubyn, Miguel
Data de Publicação: 2000
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2752
Resumo: Two sources of asymmetry in the Phillips curve are considered: the "capacity constraint hypothesis" and downward rigidity on wages and/or prices. The short run trade-off between inflation changes and the unemployment gap is modeled in a state-space framework that allows for time variation in both the NAIRU and the trade-off parameter. Empirical evidence for the US using the Kalman filter favors convexity of the Phillips curve, the trade¬off depending positively on the unemployment gap and on inflation changes. The two sources of asymmetry produce almost equivalent observational models, so it is not possible to distinguish one from the other.
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spelling Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USAPhillips CurveKalman FilterState-Space ModelsNAIRUTwo sources of asymmetry in the Phillips curve are considered: the "capacity constraint hypothesis" and downward rigidity on wages and/or prices. The short run trade-off between inflation changes and the unemployment gap is modeled in a state-space framework that allows for time variation in both the NAIRU and the trade-off parameter. Empirical evidence for the US using the Kalman filter favors convexity of the Phillips curve, the trade¬off depending positively on the unemployment gap and on inflation changes. The two sources of asymmetry produce almost equivalent observational models, so it is not possible to distinguish one from the other.ISEG – Departamento de EconomiaRepositório da Universidade de LisboaSt. Aubyn, Miguel2010-12-22T14:18:01Z20002000-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2752engSt. Aubyn, Miguel. 2000. "Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA". Instituto Superior de Economia e Gestão - DE Working papers nº 5-2000/DE/UECE0874-4548info: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:RCAAP2023-03-06T14:33:56Zoai:www.repository.utl.pt:10400.5/2752Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:42.033641Repositório 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 Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
title Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
spellingShingle Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
St. Aubyn, Miguel
Phillips Curve
Kalman Filter
State-Space Models
NAIRU
title_short Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
title_full Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
title_fullStr Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
title_full_unstemmed Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
title_sort Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA
author St. Aubyn, Miguel
author_facet St. Aubyn, Miguel
author_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv St. Aubyn, Miguel
dc.subject.por.fl_str_mv Phillips Curve
Kalman Filter
State-Space Models
NAIRU
topic Phillips Curve
Kalman Filter
State-Space Models
NAIRU
description Two sources of asymmetry in the Phillips curve are considered: the "capacity constraint hypothesis" and downward rigidity on wages and/or prices. The short run trade-off between inflation changes and the unemployment gap is modeled in a state-space framework that allows for time variation in both the NAIRU and the trade-off parameter. Empirical evidence for the US using the Kalman filter favors convexity of the Phillips curve, the trade¬off depending positively on the unemployment gap and on inflation changes. The two sources of asymmetry produce almost equivalent observational models, so it is not possible to distinguish one from the other.
publishDate 2000
dc.date.none.fl_str_mv 2000
2000-01-01T00:00:00Z
2010-12-22T14:18:01Z
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/10400.5/2752
url http://hdl.handle.net/10400.5/2752
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv St. Aubyn, Miguel. 2000. "Testing for asymmetry in the inflation-unemployment trade-off: some evidence for the USA". Instituto Superior de Economia e Gestão - DE Working papers nº 5-2000/DE/UECE
0874-4548
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG – Departamento de Economia
publisher.none.fl_str_mv ISEG – Departamento de Economia
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
repository.mail.fl_str_mv
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