Is there a stable relationship between unemployment and future inflation? / by Terry Fitzgerald ... [at al.]
Bibliografía
Evaluating the stability of the Phillips curve using aggregate data is challenging due to the bias that endogenous monetary policy imparts on estimated Phillips curve coefficients. We argue that regional data can be used to identify the structural relationship between unemployment and inflation. Our analysis, using city- and state-level data from 1977 to 2017, is consistent with the notion that both the reduced-form and the structural parameters of the Phillips curve are, to a substantial degree, quite stable.
MACROECONOMIA
POLITICA MONETARIA
POLITICA FISCAL
CURVA DE PHILLIPS
INFLACION
Fitzgerald, Terry
American Economic Journal : Macroeconomics 1945-7707 v. 16, n. 4, October 2024, p. 114-142.