Employment Growth, Inflation and Output Growth : Was Phillips Right? Evidence from a Dynamic Panel

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in Phillips' tradition. For this purpose we apply FMOLS, DOLS, PMGE, MGE, DFE, and VECM methods to a nonstationary heterogeneous dynamic panel including annual data for 119 countries over the period 1970-2010, and also carry out multivariate Granger causality tests. The empirical results strongly support the existence of a single cointegrating relationship between employment growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output growth, giving support to Phillips' Golden Triangle theory

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Year of publication:	2011
Authors:	Caporale, Guglielmo Maria ; Skare, Marinko
Publisher:	[S.l.] : SSRN
Subject:	Schätzung \| Estimation \| Inflation \| Phillips-Kurve \| Phillips curve \| Wirtschaftswachstum \| Economic growth \| Erwerbstätigkeit \| Employment \| Welt \| World \| Panel \| Panel study

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Extent:	1 Online-Ressource (30 p)
Series:	DIW Berlin Discussion Paper ; No. 1138
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 2011 erstellt
Other identifiers:	10.2139/ssrn.1898553 [DOI]
Classification:	C23 - Models with Panel Data ; E24 - Employment; Unemployment; Wages ; E31 - Price Level; Inflation; Deflation ; E60 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014042997