This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the...

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the...

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the...

Nyitott gazdaságokban az aggregált többletkereslet sokszor nem a munkanélküliség változásában csapódik le a Phillips-görbével leírt módon, hanem a külkereskedelmi deficitben. Az ebből adódó inflációs nyomás ekkor a valutaárfolyam gyengülésében és ennek az árakba...

Income per capita of Hungary attained 70 percent of the Austrian level by the end of the eighteenth century and fluctuated around this value between the World Wars. As an „achievement” of the last 50 years this ratio — measured at purchasing power parity — has decreased to about 40...