Testing the hypothesis of Phillips curve trade-off: a regime switching approach
The hypothesis of Phillips curve trade-off is tested by applying a two-state first-order Markov switching model to estimate a simple expectation-augmented Phillips curve, which allows for the possibility that samples are drawn from two normal distributions. Evidence from the UK shows that, two Phillips-curve regimes are identified, and the regime with ineffective trade-off dominates the other over time, which verifies the hypothesis.
Year of publication: |
2000
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Authors: | Ho, Tsung Wu |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 7.2000, 10, p. 645-647
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Publisher: |
Taylor & Francis Journals |
Saved in:
freely available
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