Testing The Existence And Stability Of Phillips Curve In Romania
The main objective of this study is to check the existence and the stability of Phillips curve for Romania, on the horizon from 1990 to 2013. According to Phillips Perron tests, all the variables are integrated of order 1. ARDL and DOLS approaches to co-integration were used to analyse the Philips relations and ECM to study short run dynamics. There is a negative relation between inflation and unemployment rate in the short run and a positive relationship in the long run in Romania. The tests like recursive residual, CUSUM and CUSUMsq tests confirm that there is a stable Philips relation.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
- de Brouwer, Gordon & Ericsson, Neil R, 1998.
"Modeling Inflation in Australia,"
Journal of Business & Economic Statistics,
American Statistical Association, vol. 16(4), pages 433-49, October.
- Gordon de Brouwer & Neil R. Ericsson, 1995. "Modelling Inflation in Australia," RBA Research Discussion Papers rdp9510, Reserve Bank of Australia.
- Gordon De Brouwer & Neil R. Ericsson, 1995. "Modelling inflation in Australia," International Finance Discussion Papers 530, Board of Governors of the Federal Reserve System (U.S.).
- Gali, Jordi & Gertler, Mark & David Lopez-Salido, J., 2005.
"Robustness of the estimates of the hybrid New Keynesian Phillips curve,"
Journal of Monetary Economics,
Elsevier, vol. 52(6), pages 1107-1118, September.
- Jordi Galí & Mark Gertler & David López-Salido, 2005. "Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve," Banco de Espa�a Working Papers 0520, Banco de Espa�a.
- Jordi Gali & Mark Gertler & David Lopez-Salido, 2005. "Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve," NBER Working Papers 11788, National Bureau of Economic Research, Inc.
- Jordi Galí & Mark Gertler & J. David López-Salido, 2001. "Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve," Working Papers 44, Barcelona Graduate School of Economics.
- Marika Karanassou & Hector Sala & Dennis J. Snower, 2002.
"A Reappraisal of the Inflation-Unemployment Tradeoff,"
479, Queen Mary University of London, School of Economics and Finance.
- Karanassou, Marika & Sala, Hector & Snower, Dennis J., 2005. "A reappraisal of the inflation-unemployment tradeoff," European Journal of Political Economy, Elsevier, vol. 21(1), pages 1-32, March.
- Karanassou, Marika & Sala, Hector & Snower, Dennis J., 2002. "A Reappraisal of the Inflation-Unemployment Tradeoff," IZA Discussion Papers 636, Institute for the Study of Labor (IZA).
- Karanassou, Marika & Sala, Héctor & Snower, Dennis J., 2005. "A reappraisal of the inflation-unemployment tradeoff," Open Access Publications from Kiel Institute for the World Economy 3457, Kiel Institute for the World Economy (IfW).
- Paul, Biru Paksha, 2009. "In search of the Phillips curve for India," Journal of Asian Economics, Elsevier, vol. 20(4), pages 479-488, September.
- Del Boca, Alessandra & Fratianni, Michele & Spinelli, Franco & Trecroci, Carmine, 2010.
"The Phillips curve and the Italian lira, 1861-1998,"
The North American Journal of Economics and Finance,
Elsevier, vol. 21(2), pages 182-197, August.
- Alessandra Del Boca & Michele Fratianni & Franco Spinelli & Carmine Trecroci, 2009. "The Phillips curve and the Italian lira, 1861-1998," Working Papers 0908, University of Brescia, Department of Economics.
- Alessandra Del Boca & Michele Fratianni & Franco Spinelli & Carmine Trecroci, 2008. "The Phillips Curve and the Italian Lira, 1861-1998," Mo.Fi.R. Working Papers 8, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Alessandra Del Boca & Michele Fratianni & Franco Spinelli & Carmine Trecroci, 2008. "The Phillips Curve and the Italian Lira, 1861-1998," Working Papers 2008-05, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- A. Özlem Önder, 2004. "Forecasting Inflation in Emerging Markets by Using the Phillips Curve and Alternative Time Series Models," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 40(2), pages 71-82, March.
- Thouraya Boujelbene Dammak & Younes Boujelbene, 2009. "The nature of the Phillips curve in Tunisia: new empirical evidence," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 2(2), pages 126-143.
- Dave Turner & Elena Seghezza, 1999. "Testing for a Common OECD Phillips Curve," OECD Economics Department Working Papers 219, OECD Publishing.
- Russell, Bill & Banerjee, Anindya, 2008.
"The long-run Phillips curve and non-stationary inflation,"
Journal of Macroeconomics,
Elsevier, vol. 30(4), pages 1792-1815, December.
- Bill Russell, Anindya Banerjee, 2006. "The Long-Run Phillips Curve and Non-Stationary Inflation," Economics Working Papers ECO2006/16, European University Institute.
- William A.Niskanen, 2002. "On the Death of the Phillips Curve," Cato Journal, Cato Journal, Cato Institute, vol. 22(2), pages 193-198, Fall.
- Graham, Liam & Snower, Dennis J., 2002.
"The Return of the Long-Run Phillips Curve,"
IZA Discussion Papers
646, Institute for the Study of Labor (IZA).
- Frédérick Demers, 2003. "The Canadian Phillips Curve and Regime Shifting," Staff Working Papers 03-32, Bank of Canada.
- Mohsen Bahmani-Oskooee & A. B. M. Nasir, 2004. "ARDL Approach to Test the Productivity Bias Hypothesis," Review of Development Economics, Wiley Blackwell, vol. 8(3), pages 483-488, 08.
- repec:cto:journl:v:24:y:2004:i:3:p: is not listed on IDEAS
- Andrew Atkeson & Lee E. Ohanian, 2001. "Are Phillips curves useful for forecasting inflation?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-11.
- Fumitaka Furuoka, 2007. "Does the “Phillips Curve” Really Exist? New Empirical Evidence from Malaysia," Economics Bulletin, AccessEcon, vol. 5(16), pages 1-14.
- Schreiber, Sven & Wolters, Jurgen, 2007. "The long-run Phillips curve revisited: Is the NAIRU framework data-consistent?," Journal of Macroeconomics, Elsevier, vol. 29(2), pages 355-367, June.
- Paul Turner, 1997. "The Phillips curve, parameter instability and the Lucas critique," Applied Economics, Taylor & Francis Journals, vol. 29(1), pages 7-10.
- Richard Reichel, 2004. "On the Death of the Phillips Curve: Further Evidence," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 341-348, Fall.
When requesting a correction, please mention this item's handle: RePEc:mje:mjejnl:v:10:y:2014:i:1:p:67-74. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eryk Wdowiak)
If references are entirely missing, you can add them using this form.