Macroeconomic Instability and the Phillips Curve in Italy

Wage Curve vs . Phillips Curve : Are There Macroeconomic Implications ?

The standard derivation of the accelerationist Phillips curve relates expected real wage in ation to the unemployment rate and invokes a constant price markup and adaptive expectations to generate the accelerationist price in ation formula. Blanch ower and Oswald (1994) argue that microeconomic evidence of a low autoregression coe cient in real wage regressions invalidates the macroeconomic Phi...

The Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996

T he curve first drawn by A.W. Phillips in 1958, highlighting a negative relationship between wage inflation and unemployment, figured prominently in the theory and practice of macroeconomic policy during 1958–1996. Within a decade of Phillips’ analysis, the idea of a relatively stable longrun tradeoff between price inflation and unemployment was firmly built into policy analysis in the United ...

Inflation/Unemployment Regimes and the Instability of the Phillips Curve

Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United States, the United Kingdom and Germany between 1871 and 2009. We identify for each country three distinct regimes in inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the timings of the transitions between ...

The Wage Curve and the Phillips Curve

Blanchflower and Oswald (1994) have argued that, in regional data, the level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical support for the expectations-aug...

The Phillips Curve