In this paper we introduce and test the hypothesis that the relation between inflation and unemployment has been in … 1975 and 1980 after the first (or the second) oil price shock in autumn 1973. During the disinflation period, inflation and … their favour and the Central Bank fighting against inflation. Since the wage and price setters did not fully believe in an …

also discussed in relevant literature. The natural estimation method seems to be Maximum Likelihood (ML) estimation because … estimation approaches for both the half-normal and the exponential approach to inefficiency. Based on the simulation results we … obtain decision rules for the choice of the superior estimation approach. Both estimation methods, ML and MOM, are applied to …

its use of a dynamic model - the inclusion of a lagged dependent variable - and its approach to estimation. By way of … methodological issues arising from dynamic estimation may be of practical assistance to researchers new to the field and/or to …

employment of General Method of Moments (GMM) estimation. …