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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...
Persistent link: https://www.econbiz.de/10009207737
International capital mobility in Taiwan is tested by estimating the regime-switching investment-saving correlation. A Markov-switching model is applied which allows the samples to be drawn from two different regimes; high mobility and low mobility. Empirical results are investigated and...
Persistent link: https://www.econbiz.de/10009195759