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| Tekijä: | Debelle, G. Laxton, D. |
| Otsikko: | Is the Phillips curve really a curve? Some evidence for Canada, the United Kingdom, and the United States |
| Lehti: | Staff Papers
1997 : JUN, VOL. 44:2, p. 249-282 |
| Asiasana: | STATISTICAL METHODS TESTS INFLATION RATES UNEMPLOYMENT FILTERING TECHNIQUES |
| Kieli: | eng |
| Tiivistelmä: | This article places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the nonaccelerating inflation rate of unemployment (NAIRU), and after imposing plausible restrictions on the variability in the NAIRU, it is found that the nonlinear model fits the data best. The implications for the macroeconomic policy debate are that policymakers who are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment. |
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