6533b7defe1ef96bd1275b96

RESEARCH PRODUCT

Change of regime and Phillips curve stability: The case of Spain, 1964–2002

Oscar Bajo-rubioVicente EsteveCarmen Díaz-roldán

subject

InflationEconomics and Econometricsmedia_common.quotation_subjectKeynesian economicsEconomicsProxy (statistics)Phillips curveStability (probability)Lucas critiquemedia_common

description

Following the emergence of the Lucas critique, traditional Phillips curves relating inflation to a measure of the level of activity, and augmented to include past inflation (assumed to proxy expected inflation), have been deemed to be highly unstable over time. In this paper we try to investigate, using recent econometric developments, whether such a statement can be supported over a long time period. In the empirical application, we analyze the case of Spain along the period 1964–2002.

yearjournalcountryeditionlanguage
2007-05-01Journal of Policy Modeling
https://doi.org/10.1016/j.jpolmod.2006.06.017