scholarly journals PRODUCTIVITY GROWTH AND THE PHILLIPS CURVE: A REASSESSMENT OF THE US EXPERIENCE

2010 ◽  
Vol 64 (3) ◽  
pp. 344-366 ◽  
Author(s):  
Marika Karanassou ◽  
Hector Sala
Keyword(s):  
Productivity Growth ◽  
Phillips Curve ◽  
The Us

scholarly journals Inflation and the steeplechase between economic activity variables: evidence for G7 countries

2016 ◽  
Vol 17 (1) ◽  
Author(s):  
Jaromír Baxa ◽  
Miroslav Plašil ◽  
Bořek Vašíček
Keyword(s):  
Economic Activity ◽  
Phillips Curve ◽  
Model Averaging ◽  
Real Economy ◽  
G7 Countries ◽  
Real Activity ◽  
The Great Recession ◽  
The Us ◽  
Activity Measures ◽  
Dynamic Model Averaging

AbstractA sharp increase in unemployment accompanied by a relatively muted response of inflation during the Great Recession and a consecutive inflationless recovery cast further doubts on the very existence of the Phillips curve as a systemic relation between real activity and inflation. With the aid of dynamic model averaging, this paper aims to highlight that this relation resurfaces if (i) inflationary pressures are captured by a richer set of real activity measures, and (ii) one accounts for the existence of a non-linear response of inflation to the driving variable. Based on data for the US and other G7 countries, our results show that the relation between economic activity and inflation is quite sturdy when one allows for more complex assessment of the former. We find that measures of economic activity describe inflation developments to a varying degree across time and space. This can blur the picture of inflation–real economy comovements in models where only a single variable of economic activity is considered. The output gap is often outperformed by unemployment-related variables. Our results also confirm a weakening of the inflation–activity relationship (i.e. a flattening of the Phillips curve) in the last decade that is robust both across activity measures and across countries.

Growth and Productivity Accounts from EU KLEMS: An Overview

2007 ◽  
Vol 200 ◽  
pp. 64-78 ◽  
Author(s):  
Marcel P. Timmer ◽  
Mary O'Mahony ◽  
Bart van Ark
Keyword(s):  
Productivity Growth ◽  
Data Sources ◽  
Preliminary Results ◽  
Eu Countries ◽  
The Us ◽  
Eu And Us ◽  
The Eu

This paper gives an overview of the construction of and preliminary results from the EU KLEMS database which contains industry estimates of output, input and productivity growth for EU countries. The paper begins with a discussion of methodology and data sources covering output and intermediates, capital and labour services. The content and scope of the database is then briefly described. This is followed by a discussion of preliminary results focusing on comparisons between the EU and US. These confirm the relatively poor productivity performance of the EU relative to the US since the mid-1990s, mostly driven by low productivity growth in market services.

scholarly journals Productivity Growth and the Phillips Curve

10.3386/w8421 ◽  
2001 ◽  
Author(s):  
Laurence Ball ◽  
Robert Moffitt
Keyword(s):  
Productivity Growth ◽  
Phillips Curve

The US Wage Phillips Curve across Frequencies and over Time*

2011 ◽  
Vol 73 (4) ◽  
pp. 489-508 ◽  
Author(s):  
Marco Gallegati ◽  
Mauro Gallegati ◽  
James Bernard Ramsey ◽  
Willi Semmler
Keyword(s):  
Phillips Curve ◽  
The Us ◽  
Over Time

scholarly journals THE PHILLIPS CURVE IN PORTUGAL

2013 ◽  
Vol 31 (60) ◽  
Author(s):  
Agostinho Silvestre Rosa
Keyword(s):  
Unemployment Rate ◽  
Productivity Growth ◽  
Inflation Rate ◽  
Phillips Curve ◽  
Labour Productivity ◽  
Annual Data ◽  
Short Term ◽  
Labour Productivity Growth ◽  
Average Labour Productivity ◽  
Wage Inflation

This paper estimates the Phillips curve in Portugal using the Johansen Method, with the wage inflation rate as a dependent variable, based on annual data from the period 1954-1995. The main conclusions are as follows. Firstly, in the long term, the wage inflation rate relates positively to the inflation rate and negatively to the unemployment rate, as expected. There is also a positive relationship between the wage inflation rate and the average labour productivity growth index. Secondly, in the short term, the variation of the wage inflation rate relates negatively and significantly to the error correction mechanism with a negative unitary coefficient; therefore, there is a quick and significant response to the equilibrium error between the wage inflation rate and its determinants. Besides this adjustment, the wage inflation rate responds positively to a lagged wage inflation rate. The variation in the unemployment rate and the average labour productivity growth present the expected signal, negative and positive respectively, but without significance in the short term. The dummy that refers to the April 1974 revolution is significant.

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