Evolution Of Inflation-Unemployment Relationship In The Perspective Of Romania’S Accession To Eu
AbstractThe author uses two models derived from the general model of stagflation in order to analyze long term trends of inflation-unemployment relationship. The first model assumes a simple linear correlation between unemployment and the growth rate of GDP, while inflation is a parabolic function of GDP. The second model extends the first one by reformulating the unemployment as depending in a quadratic way on production. Based on the second model, the author has also identified that transition passed through five distinct phases.
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Bibliographic InfoArticle provided by Institute for Economic Forecasting in its journal Journal for Economic Forecasting.
Volume (Year): (2001)
Issue (Month): 3 (December)
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inflation; unemployment; Philips curve; transition economies;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
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