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

Author

Listed:
  • Ivo Druzic

    (Faculty of Economics and Business, Zagreb, Croatia)

  • Josip Tica

    (Faculty of Economics and Business, Zagreb, Croatia)

  • Ante Mamic

    (Business Innovation Centre of Croatia, Zagreb, Croatia)

Abstract

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

Suggested Citation

  • Ivo Druzic & Josip Tica & Ante Mamic, 2006. "The Challenge of Application of Phillips Curve: The Case of Croatia," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 9(Special C), pages 45-60, December.
    • Handle: RePEc:zag:zirebs:v:9:y:2006:i:sci:p:45-60
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    Citations

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    Cited by:

    1. Valerija Botric, 2012. "NAIRU estimates for Croatia," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 30(1), pages 163-180.

    More about this item

    Keywords

    the Phillips Curve; insolvency; transition; Croatia;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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