The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers

Convention specifies the relationship between price and unemployment in terms of the Phillips curve (PC) where inflation and the rate of unemployment are correlated. This paper uses a variant of the PC that is more consistent with the relationship between price and output as depicted in the aggregat...

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Main Author: Dumlao, Luis F
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Published: Archīum Ateneo 2014
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Online Access:https://archium.ateneo.edu/economics-faculty-pubs/83
https://www.iises.net/the-relationship-between-dynamic-price-and-dynamic-unemploym.html
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spelling ph-ateneo-arc.economics-faculty-pubs-10822020-08-06T09:14:20Z The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers Dumlao, Luis F Convention specifies the relationship between price and unemployment in terms of the Phillips curve (PC) where inflation and the rate of unemployment are correlated. This paper uses a variant of the PC that is more consistent with the relationship between price and output as depicted in the aggregate supply (AS) curve. The relationship between price and unemployment using convention and its variant is tested on Poland, the Czech Republic, Hungary, Estonia, Latvia, Lithuania and the pooled data. The Expectations Augmented (EA) is able to track a negative relation between inflation and unemployment better than the New Keynesian (NK) is able. Within the EA runs, the convention is able to track the same negative relation better than the variant, but one has to be cautious given the implied results. 2014-01-01T08:00:00Z text https://archium.ateneo.edu/economics-faculty-pubs/83 https://www.iises.net/the-relationship-between-dynamic-price-and-dynamic-unemploym.html Economics Department Faculty Publications Archīum Ateneo Economics International Economics
institution Ateneo De Manila University
building Ateneo De Manila University Library
continent Asia
country Philippines
Philippines
content_provider Ateneo De Manila University Library
collection archium.Ateneo Institutional Repository
topic Economics
International Economics
spellingShingle Economics
International Economics
Dumlao, Luis F
The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers
description Convention specifies the relationship between price and unemployment in terms of the Phillips curve (PC) where inflation and the rate of unemployment are correlated. This paper uses a variant of the PC that is more consistent with the relationship between price and output as depicted in the aggregate supply (AS) curve. The relationship between price and unemployment using convention and its variant is tested on Poland, the Czech Republic, Hungary, Estonia, Latvia, Lithuania and the pooled data. The Expectations Augmented (EA) is able to track a negative relation between inflation and unemployment better than the New Keynesian (NK) is able. Within the EA runs, the convention is able to track the same negative relation better than the variant, but one has to be cautious given the implied results.
format text
author Dumlao, Luis F
author_facet Dumlao, Luis F
author_sort Dumlao, Luis F
title The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers
title_short The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers
title_full The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers
title_fullStr The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers
title_full_unstemmed The relationship between dynamic price and dynamic unemployment: the case of the Central European-3 and the Baltic Tigers
title_sort relationship between dynamic price and dynamic unemployment: the case of the central european-3 and the baltic tigers
publisher Archīum Ateneo
publishDate 2014
url https://archium.ateneo.edu/economics-faculty-pubs/83
https://www.iises.net/the-relationship-between-dynamic-price-and-dynamic-unemploym.html
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