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‘Modern’ Phillips curves and the implications for the statistical process of inflation

Author

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  • Bill Russell

Abstract

‘Modern’ theories of the Phillips curve imply that inflation is an integrated, or near integrated’ process. This article explains this implication and why these ‘modern’ theories are logically inconsistent with what is commonly known about the statistical process of inflation.

Suggested Citation

  • Bill Russell, 2017. "‘Modern’ Phillips curves and the implications for the statistical process of inflation," Applied Economics Letters, Taylor & Francis Journals, vol. 24(1), pages 58-60, January.
  • Handle: RePEc:taf:apeclt:v:24:y:2017:i:1:p:58-60
    DOI: 10.1080/13504851.2016.1161710
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    Cited by:

    1. is not listed on IDEAS
    2. Bill Russell & Dooruj Rambaccussing, 2016. "Breaks and the Statistical Process of Inflation: The Case of the ‘Modern’ Phillips Curve," Dundee Discussion Papers in Economics 294, Economic Studies, University of Dundee.
    3. Bill Russell & Dooruj Rambaccussing, 2019. "Breaks and the statistical process of inflation: the case of estimating the ‘modern’ long-run Phillips curve," Empirical Economics, Springer, vol. 56(5), pages 1455-1475, May.

    More about this item

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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