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STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA

Zdravko Šergo
Darko Saftić
Ana Težak

Puni tekst: engleski, pdf (151 KB) str. 65-85 preuzimanja: 737* citiraj
APA 6th Edition
Šergo, Z., Saftić, D. i Težak, A. (2012). STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA. Economic research - Ekonomska istraživanja, Special Issue (1), 65-85. Preuzeto s https://hrcak.srce.hr/103227
MLA 8th Edition
Šergo, Zdravko, et al. "STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA." Economic research - Ekonomska istraživanja, vol. Special Issue, br. 1, 2012, str. 65-85. https://hrcak.srce.hr/103227. Citirano 21.09.2020.
Chicago 17th Edition
Šergo, Zdravko, Darko Saftić i Ana Težak. "STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA." Economic research - Ekonomska istraživanja Special Issue, br. 1 (2012): 65-85. https://hrcak.srce.hr/103227
Harvard
Šergo, Z., Saftić, D., i Težak, A. (2012). 'STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA', Economic research - Ekonomska istraživanja, Special Issue(1), str. 65-85. Preuzeto s: https://hrcak.srce.hr/103227 (Datum pristupa: 21.09.2020.)
Vancouver
Šergo Z, Saftić D, Težak A. STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA. Economic research - Ekonomska istraživanja [Internet]. 2012 [pristupljeno 21.09.2020.];Special Issue(1):65-85. Dostupno na: https://hrcak.srce.hr/103227
IEEE
Z. Šergo, D. Saftić i A. Težak, "STABILITY OF PHILLIPS CURVE: THE CASE OF CROATIA", Economic research - Ekonomska istraživanja, vol.Special Issue, br. 1, str. 65-85, 2012. [Online]. Dostupno na: https://hrcak.srce.hr/103227. [Citirano: 21.09.2020.]

Sažetak
Phillips curves are generally estimated under the assumption of linearity and parameter constancy. The conventional Phillips curve argues that there is a trade-off or negative relationship between unemployment and inflation or wage inflation. According to Lucas’s critique of econometrics’ empirics, however, there is no parameter stability in the forward–looking economic behaviour model of economic agents. Since the rational expectation theory revolution linear models of inflation have been criticised for their poor forecasting performance. Bai and Perron (1998), proposed the methodology which allows for an unknown number of breaks at unknown dates as a response to the mentioned problem. The purpose of this paper is to investigate the linearity and constancy assumptions of the augmented Phillips curve model using expected inflation variables and the methodology proposed by Bai and Perron and to validate the Phillips curve using Croatia as an example. Data used in this analysis was on quarterly basis from 1994 to 2010.

Ključne riječi
Structural changes; Inflation; Nominal wages; Unemployment; Phillips curve; Croatia

Hrčak ID: 103227

URI
https://hrcak.srce.hr/103227

Posjeta: 1.030 *