RDP 9706: Is the Phillips Curve A Curve? Some Evidence and Implications for Australia References
October 1997
- Download the Paper 237KB
Akerlof, G., W. Dickens and G. Perry (1996), ‘The Macroeconomics of Low Inflation’, Brookings Papers on Economic Activity, 1, pp. 1–76.
Ball, L. (1994), ‘What Determines the Sacrifice Ratio?’ in N.G. Mankiw (ed.), Monetary Policy, University of Chicago Press, Chicago, pp. 155–182.
Buiter, W. and M. Miller (1985), ‘Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues’, in V. Argy and J. Neville (eds), Inflation and Unemployment: Theory, Evidence and Policy-Making, George Allen and Unwin, London, pp. 11–38.
Chang, R. (1997), ‘Is Low Unemployment Inflationary?’, Federal Reserve Bank of Atlanta Economic Review, 82(1), pp. 4–13.
Clark, P. and D. Laxton (1997), ‘Phillips Curves, Phillips Lines and the Unemployment Costs of Overheating’, IMF Working Paper No. 97/17.
Clark, P., D. Laxton and D. Rose (1995), ‘Capacity Constraints, Inflation and the Transmission Mechanism: Forward-Looking versus Myopic Policy Rules’, IMF Working Paper No. 95/75.
Clark, P., D. Laxton and D. Rose (1996), ‘Asymmetry in the US Output-Inflation Nexus’, IMF Staff Papers, 43(1), pp. 216–251.
Cockerell, L. and B. Russell (1995), ‘Australian Wage and Price Inflation: 1971–1994’, Reserve Bank of Australia Research Discussion Paper No. 9509.
Commonwealth Treasury (1996), Documentation of the Treasury Macroeconomic (TRYM) Model of the Australian Economy, Commonwealth Treasury, Canberra.
Crosby, M. and N. Olekalns (1996), ‘Inflation, Unemployment and the NAIRU in Australia’, University of Melbourne Department of Economics Research Paper No. 543.
Debelle, G. and D. Laxton (1997), ‘Is the Phillips Curve a Curve: Some Evidence for Canada, New Zealand and the United States’, IMF Staff Papers, 44(2), (forthcoming).
De Long, B. and L. Summers (1988), ‘How Does Macroeconomic Policy Affect Output?’, Brookings Papers on Economic Activity, 2, pp. 433–480.
Doan, T. (1992), RATS User's Manual, Version 4, Estima, Illinois.
Dupasquier, C. and N. Ricketts (1997), ‘Non-linearities in the Output-Inflation Relationship’, paper presented at the Bank of Canada conference, Price Stability, Inflation Targets and Monetary Policy, 3–4 May, Ottawa.
Eisner, R. (1996), ‘A New View of the NAIRU’, Northwestern University, mimeo.
Espinosa, M. and S. Russell (1997), ‘History and Theory of the NAIRU: A Critical Review’, Federal Reserve Bank of Atlanta Economic Review, 82(2), pp. 4–25.
Fischer, S. (1977), ‘Long-term Contracts, Rational Expectations and the Optimal Money Supply’, Journal of Political Economy, 85(1), pp. 191–205.
Ford, R. and D. Laxton (1995), ‘World Public Debt and Real Interest Rates’, IMF Working Paper No. 95/30.
Friedman, M. (1968), ‘The Role of Monetary Policy’, American Economic Review, 58(1), pp. 1–17.
Fuhrer, J. (1996), ‘The Phillips Curve is Alive and Well’, New England Economic Review, March/April, pp. 41–56.
Gordon, R. (1970), ‘The Recent Acceleration of Inflation and Its Lessons for the Future’, Brookings Papers on Economic Activity, 1, pp. 8–41.
Gordon, R. (1975), ‘The Impact of Aggregate Demand on Prices’, Brookings Papers on Economic Activity, 3, pp. 613–662.
Gordon, R. (1977), ‘Can the Inflation of the 1970s be Explained?’, Brookings Papers on Economic Activity, 1, pp. 253–277.
Gordon, R. (1997), ‘The Time-Varying NAIRU and its Implications for Economic Policy’, Journal of Economic Perspectives, 11(1), pp. 11–32.
Gregory, R. (1986), ‘Wages Policy and Unemployment in Australia’, Economica, 53(210), pp. S53–S74.
Gregory, R. and R. Smith (1985), ‘Inflation and Job Creation Policies in Australia’, in V. Argy and J. Neville (eds), Inflation and Unemployment; Theory, Experience and Policy Making, George Allen & Unwin, London, pp. 325–345.
Groshen, E. and M. Schweitzer (1997), ‘Identifying Inflation's Grease and Sand Effects in the Labor Market’, NBER Working Paper No. 6061.
Hamilton, J. (1994), Time Series Analysis, Princeton University Press, Princeton, New Jersey.
Jonson, P., K. Mahar and G. Thompson (1974), ‘Earnings and Award Wages in Australia’, Australian Economic Papers, 13(22), pp. 80–98.
Kirby, M. (1981), ‘An Investigation of the Specification and Stability of the Australian Phillips Curve’, Economic Record, 57(156), pp. 35–46.
Kuttner, K. (1992), ‘Monetary Policy with Uncertain Estimates of Potential Output’, Federal Reserve Bank of Chicago Economic Perspectives, 16(1), pp. 2–15.
Laxton, D., G. Meredith and D. Rose (1994), ‘Asymmetric Effects of Economic Activity: Evidence and Policy Implications’, IMF Working Paper No. 94/139.
Layard, R., S. Nickell and R. Jackman (1991), Unemployment: Macroeconomic Performance and the Labour Market, Oxford University Press, Oxford.
Leeson, R. (1997), ‘The Political Economy of the Inflation Unemployment Trade-off’, History of Political Economy, (forthcoming).
Mankiw, N.G. (1988), Comment on B. De Long and L. Summers, ‘How Does Macroeconomic Policy Affect Output?’, Brookings Papers on Economic Activity, 2, pp. 481–485.
Mitchell, W. (1987), ‘The NAIRU, Structural Imbalance and the Macroequilibrium Unemployment Rate’, Australian Economic Papers, 26(48), pp. 101–118.
Newey, W. and K. West (1987), ‘A Simple Positive Semi-Definite, Heteroscedasticity and Autocorrelation Consistent Covariance Matrix’, Econometrica, 55(3), pp. 703–708.
Parkin, M. (1973), ‘The Short-Run and Long-Run Trade-offs between Inflation and Unemployment in Australia’, Australian Economic Papers, 12(21), pp. 127–144.
Phillips, A. (1958), ‘The Relationship between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’, Economica, 25(100), pp. 283–299.
Roberts, J. (1997), ‘Is Inflation Sticky?’, Journal of Monetary Economics, 39(2), pp. 173–196.
Simes, R. and C. Richardson (1987), ‘Wage Determination in Australia’, Economic Record, 63(181), pp. 144–155.
Staiger, D., J. Stock and M. Watson (1997), ‘The NAIRU, Unemployment and Monetary Policy’, Journal of Economic Perspectives, 11(1), pp. 33–49.
Stiglitz, J. (1997), ‘Reflections on the Natural Rate Hypothesis’, Journal of Economic Perspectives, 11(1), pp. 3–10.
Tanzi, V. and D. Fanizza (1995), ‘Fiscal Debt and Public Debt in Industrial Countries’, IMF Working Paper No. 95/49.
Tootell, G. (1994), ‘Restructuring, the NAIRU, and the Phillips Curve’, New England Economic Review, Sept/Oct, pp. 31–44.
Turner, D. (1995), ‘Speed Limit and Asymmetric Inflation Effects from the Output Gap in the Major Seven Economies’, OECD Economic Studies, 24, pp. 57–87.