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Is the Phillips curve disappearing? Evidence from a new test procedure

This paper proposes a four-step procedure to examine a disappearance of the Phillips curve. The procedure involves estimating an initial value, computing a potential output using the state-space model, calculating a static slope coefficient of the Phillips curve and estimating a time-varying slope c...

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Bibliographic Details
Main Authors: Furuoka, Fumitaka, Pui, Kiew Ling, Chomar, Ma Tin, Nikitina, Larisa
Format: Article
Published: Taylor & Francis 2021
Subjects:
HC Economic History and Conditions
Business
Online Access:http://eprints.um.edu.my/26556/
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Summary:This paper proposes a four-step procedure to examine a disappearance of the Phillips curve. The procedure involves estimating an initial value, computing a potential output using the state-space model, calculating a static slope coefficient of the Phillips curve and estimating a time-varying slope coefficient. This analytical sequence was employed to examine data from ASEAN countries. The findings indicated a trend of a disappearing Phillips curve in the region.

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