Malikane, Christopher - In: Economic Modelling 43 (2014) C, pp. 247-255
Phillips curve features the standard hybrid expectational term, labour share, output gap, speed-limit effects and supply shock … coefficient on the labour share and the output gap. We conclude that supply shock variables are essential to the empirical … formulation of a reduced-form production function which is characterised by non-linear input–output relations. The resultant …