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Is there a Phillips Curve in Pakistan?

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  • M. AYNUL HASAN

    (Acadia University, Canada)

Abstract

Since the publication of A.W.Phillip's (1958) influential paper on the relationship between unemployment and the rate of change of the money wage rate, countless studies have appeared to refine, reformulate and re-estimate structural equations explaining the rates of change in the wage rates and the price levelor inflation rates.1 The empirical findings of the Phillips curve relationships during the past two decades have been considered to be a contentious issue particularly in developed countries.2 Despite the fact that the original hypothesis of the PhilliPscurve has been questioned and challenged,3 nevertheless, the importance of this subject has been preserved by its continued relevance for policy. Not only that, Friedman (1970, 1971) claimed that the Phillips curve plays the important role of the "missing equation" separating his own quantity theory of money from the Keynesiantheory

Suggested Citation

  • M. Aynul Hasan, 1988. "Is there a Phillips Curve in Pakistan?," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 27(4), pages 839-851.
  • Handle: RePEc:pid:journl:v:27:y:1988:i:4:p:839-851
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    File URL: http://www.pide.org.pk/pdf/PDR/1988/Volume4/839-851.pdf
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    References listed on IDEAS

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    1. Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1, April.
    2. Friedman, Milton, 1971. "A Monetary Theory of Nominal Income," Journal of Political Economy, University of Chicago Press, vol. 79(2), pages 323-337, March-Apr.
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    Cited by:

    1. Mario BERGARA & Gerardo LICANDRO & Jorge PONCE, 2014. "Financial Stability Committees: An Institutional Response to New Challenges," Chapters of Challenges to Financial Stability – Perspective, Models and Policies book,in: Renata Karkowska (ed.), Challenges to Financial Stability – Perspective, Models and Policies,Volume II Towards the Financial Stability -Macroprudential Policy and Perspective, volume 2, chapter 10, pages 8-22 ASERS Publishing.
    2. Anna MATYSEK-JEDRYCH, 2014. "The Changing Nature of Central Banks Accountability for Financial Stability," Chapters of Challenges to Financial Stability – Perspective, Models and Policies book,in: Renata Karkowska (ed.), Challenges to Financial Stability – Perspective, Models and Policies,Volume II Towards the Financial Stability -Macroprudential Policy and Perspective, volume 2, chapter 11, pages 23-43 ASERS Publishing.
    3. Marinela BARBULESCU & Magdalena RADULESCU, 2014. "Price Stability versus Financial Stability in Romania," Chapters of Challenges to Financial Stability – Perspective, Models and Policies book,in: Renata Karkowska (ed.), Challenges to Financial Stability – Perspective, Models and Policies,Volume II Towards the Financial Stability -Macroprudential Policy and Perspective, volume 2, chapter 16, pages 123-151 ASERS Publishing.

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