The goal of this paper is to estimate the effect between exchange-rate uncertainty and unemployment in South Korea and Taiwan. We use a vector autoregressive model to provide an efficient estimation between exchange-rate uncertainty and unemployment. We found that a long-run equilibrium...

This paper discusses the short-run tradeoff between inflation and unemployment. Although this tradeoff remains a necessary building block of business cycle theory, economists have yet to provide a completely satisfactory explanation for it.

We test the Barro-Gordon model extended to allow for persistence in unemployment. First, we build an index of central bank independence and measures of persistence, and then we compare them with inflation performance in OECD countries. Our results show, as theory predicts, a robust negative...

In the view of a prominent monetary theorist and policy maker, there is a rising acceptance within the economics profession and in central bank and government circles of the need for an independent central bank. This view is founded upon a growing body of empirical evidence, recent theoretical...

This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964-1995. We analyze the implications both of full hysteresis in unemployment and high inflation persistence for inference regarding dynamic Phillips trade-offs and sacrifice ratios in the Spanish...

Taking into account two salient Spanish stylized facts, namely, a persistent disinflationary process and hysteresis in the unemployment, this paper tries to answer the following question: Is a nominal permanent disinflation compatible with short-run unemployment costs but also with long-run...

In this paper we investigate the relationship between inflation and unemployment in Australia, post 1959. We focus on two features of the data: firstly, we find that forecasting models are surprisingly through ou sample period. We also estimate the nonaccelaring inflation rate of unemployment...

Expanding of an approach suggested by Ashenfelter (1984), we extend the Phillips curve to an open economy and exploit panel data to estimate the textbook "expectations augmented" Phillips curve with a market-based and observable measure of inflation expectations. We develop this measure using...

In the view of a prominent monetary theorist and policy maker, there is a rising acceptance within the economics profession and in central bank and government circles of the need for an independent central bank. This view is founded upon a growing body of empirical evidence, recent theoretical...

In this paper we investigate the relationship between inflation and unemployment in Australia, post 1959. We focus on two features of the data: firstly, we find that forecasting models are surprisingly stable through our sample period. We also estimate the nonaccelerating inflation rate of...