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The Challenge of Application of Phillips Curve: The Case of Croatia

Ivo Družić ; University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia
Josip Tica ; University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia
Ante Mamić ; BICRO – Business Innovation Centre of Croatia, Zagreb, Croatia


Puni tekst: engleski pdf 83 Kb

str. 45-59

preuzimanja: 517

citiraj


Sažetak

In this paper hypothesis of relation between unemployment and the rate of change in prices is tested in Croatia with data spanning from 1962 to 2004. Empirical test is designed with a goal of testing the original Phillips curve developed by A. W. Phillips and adaptive expectation augmented Phillips curve designed by Edmund S. Phelps. Since both these versions of the relationship were designed for the US economy, authors suggest a new theory of accommodation through insolvency for the Croatian economy.

Ključne riječi

the Phillips curve; insolvency; transition; Croatia

Hrčak ID:

78588

URI

https://hrcak.srce.hr/78588

Datum izdavanja:

1.12.2006.

Posjeta: 1.218 *