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Phillips Curves and Expectation Adjustments for Maturing Nations in the Asia Pacific Region

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  • James J. Gapinski

Abstract

After visually inspecting Phillips curves for maturing countries in the Asia Pacific region, this paper rigorously tests various features deduced from the images. More specifically, it asks three questions: Do trade-off Phillips curves characterize maturing nations in the region? Do the curves shift downward through time because of productivity increases? Do expectation adjustments follow an adaptively rational rule rather than the rational expectations hypothesis? Relying on data that cover nine nations and appealing to a nonlinear estimation method, the paper answers each question in the affirmative. Throughout, the implications for macroeconomic philosophies and their policy prescriptions are noted.

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  • James J. Gapinski, 2002. "Phillips Curves and Expectation Adjustments for Maturing Nations in the Asia Pacific Region," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(3), pages 459-473, March.
    • Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:459-473
    DOI: 10.1080/01603477.2002.11490336
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    Cited by:

    1. Manouchehr, Vaziri & Tabatabaei, Shahram, 2009. "Transportation appraisal of global oil trade flows," 50th Annual Transportation Research Forum, Portland, Oregon, March 16-18, 2009 207728, Transportation Research Forum.

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