Economics, Econometrics and Finance
4 years ago

Unemployment and Inflation Relationship Unveiled: Supply Shocks vs. Expectations

National Bureau of Economic Research
The Phillips Curve is Back? Using Panel Data to Analyze the Relationship Between Unemployment and Inflation in an Open Economy
John DiNardo, Mark P. Moore

Paper Summary

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The study looked at the relationship between unemployment and inflation in different countries over time. They used data from 9 OECD countries and found that expectations and supply shocks both influenced the Phillips Curve in the past.