Journal article 697 views
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation / Bill Russell; Rosen Chowdhury
Journal of Macroeconomics, Volume: 35, Pages: 24 - 38
Swansea University Author: Rosen, Chowdhury
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DOI (Published version): 10.1016/j.jmacro.2012.11.004
Abstract
Most Phillips curve theories predict inflation is an integrated process.However, inflation appears bounded above and below in developed economies andso cannot be ‘truly’ integrated and more likely stationary around a shifting mean. If agentsbelieve inflation is integrated as in the ‘modern’ theories...
Published in: | Journal of Macroeconomics |
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ISSN: | 01640704 |
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2013
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URI: | https://cronfa.swan.ac.uk/Record/cronfa21606 |
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2016-12-08T14:14:44.9365319 v2 21606 2015-05-21 Estimating United States Phillips curves with expectations consistent with the statistical process of inflation 6f0a211cd0023a2a351371189c33ae4b 0000-0003-1796-9603 Rosen Chowdhury Rosen Chowdhury true false 2015-05-21 BEC Most Phillips curve theories predict inflation is an integrated process.However, inflation appears bounded above and below in developed economies andso cannot be ‘truly’ integrated and more likely stationary around a shifting mean. If agentsbelieve inflation is integrated as in the ‘modern’ theories then they are making systematicerrors concerning the statistical process of inflation. An alternative theory of the Phillipscurve is developed that is consistent with the ‘true’ statistical process of inflation. It is demonstratedthat United States inflation data are consistent with the alternative theory butnot with the existing ‘modern’ theories. Journal Article Journal of Macroeconomics 35 24 38 01640704 Phillips curve,Inflation, Structural breaks, GARCH, Non-Stationary data 31 12 2013 2013-12-31 10.1016/j.jmacro.2012.11.004 http://www.sciencedirect.com/science/article/pii/S0164070412001115 COLLEGE NANME Economics COLLEGE CODE BEC Swansea University 2016-12-08T14:14:44.9365319 2015-05-21T02:01:46.2692986 School of Management Economics Bill Russell 1 Rosen Chowdhury 0000-0003-1796-9603 2 |
title |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation |
spellingShingle |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation Rosen, Chowdhury |
title_short |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation |
title_full |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation |
title_fullStr |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation |
title_full_unstemmed |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation |
title_sort |
Estimating United States Phillips curves with expectations consistent with the statistical process of inflation |
author_id_str_mv |
6f0a211cd0023a2a351371189c33ae4b |
author_id_fullname_str_mv |
6f0a211cd0023a2a351371189c33ae4b_***_Rosen, Chowdhury |
author |
Rosen, Chowdhury |
author2 |
Bill Russell Rosen Chowdhury |
format |
Journal article |
container_title |
Journal of Macroeconomics |
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35 |
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24 |
publishDate |
2013 |
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Swansea University |
issn |
01640704 |
doi_str_mv |
10.1016/j.jmacro.2012.11.004 |
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School of Management |
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|
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schoolofmanagement |
hierarchy_top_title |
School of Management |
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schoolofmanagement |
hierarchy_parent_title |
School of Management |
department_str |
Economics{{{_:::_}}}School of Management{{{_:::_}}}Economics |
url |
http://www.sciencedirect.com/science/article/pii/S0164070412001115 |
document_store_str |
0 |
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description |
Most Phillips curve theories predict inflation is an integrated process.However, inflation appears bounded above and below in developed economies andso cannot be ‘truly’ integrated and more likely stationary around a shifting mean. If agentsbelieve inflation is integrated as in the ‘modern’ theories then they are making systematicerrors concerning the statistical process of inflation. An alternative theory of the Phillipscurve is developed that is consistent with the ‘true’ statistical process of inflation. It is demonstratedthat United States inflation data are consistent with the alternative theory butnot with the existing ‘modern’ theories. |
published_date |
2013-12-31T03:36:30Z |
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1689465851090042880 |
score |
10.773521 |