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Change of regime and Phillips curve stability:The case of Spain, 1964-2002

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Author Info
Oscar Bajo-Rubio () (U. de Castilla-La Mancha)
Mª Carmen Díaz Roldán () (Universidad Castilla La Mancha)
Vicente Esteve () (Universidad de Valencia)

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Abstract

Traditional Phillips curves relating inflation to a measure of the level of activity, and augmented to include past inflation (assumed to proxy expected inflation), have been thought to be highly unstable over time. In this paper we try to investigate, using recent econometric developments, whether such a statement can be supported over a long time period. In the empirical application, we analyze the case of Spain along the period 1964 to 2002.

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Publisher Info
Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2004/52.

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Length: 15 pages
Date of creation: 2004
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Handle: RePEc:cea:doctra:e2004_52

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Related research
Keywords: Structural changes; Inflation; Phillips curve;

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Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions

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  15. Jeremy Rudd & Karl Whelan, 2001. "New tests of the New-Keynesian Phillips Curve," Finance and Economics Discussion Series 2001-30, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  16. Ma, Adrian, 2002. "GMM estimation of the new Phillips curve," Economics Letters, Elsevier, vol. 76(3), pages 411-417, August. [Downloadable!] (restricted)
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  1. Karanassou, Marika & Sala, Hector, 2009. "The US Inflation-Unemployment Tradeoff: Methodological Issues and Further Evidence," IZA Discussion Papers 4252, Institute for the Study of Labor (IZA). [Downloadable!]
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