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In Search of an International Phillips Curve

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The existence of the inflation-output tradeoff is a well-established relationship in macroeco-nomics, with prevailing research focusing primarily on developed economies. In addition, there is a growing consensus that argues that the world has become globalized with freely flowing capital and a massive increase in the extent of trade. Coupling these two facts together leaves us with a new question: in light of a globalized world economy, do we now see an international Phillips curve, or perhaps a greater movement towards one? This paper investigates this question and examines whether the inflation-output tradeoff exists at the global level, and then at the re-gional level where nations are grouped into similar country blocs. We find that as of yet there is no evidence of a truly global Phillips curve, although an international inflation-output tradeoff does appear to exist if we exclude Sub-Saharan African economies from the sample. Among country blocs, we find that only the advanced economies exhibit evidence of a cross-country inflation-output tradeoff.

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  • Mazumder, Sandeep, 2011. "In Search of an International Phillips Curve," Working Papers 100, Wake Forest University, Economics Department.
  • Handle: RePEc:ris:wfuewp:0100
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    Keywords

    inflation; Phillips curve; macroeconomics;

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