5,493 research outputs found
Does Immigration Affect the Phillips Curve? Some Evidence for Spain
No full textThe Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15
percentage points, with roughly constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in Spain over this period. We show that the New Keynesian Phillips curve is shifted by immigration if natives' and immigrants' labor supply or bargaining power differ. Estimation of the curve for Spain
indicates that the fall in unemployment since 1995 would have led to an annual increase in inflation of 2.5 percentage points if it had not been largely offset by immigration
Productivity Growth and the Phillips Curve: A Reassessment of the US Experience
No full textIn this paper we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e. the interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical methodology relies heavily on impulse response functions, it represents a synthesis of the traditional structural modelling and (structural) vector autoregressions (VARs). We find that the PC is downward-sloping with a slope of -3.58 in the long-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment and inflation, while the monetary expansion was quite ineffective and led mainly to higher inflation. Finally, the monetary expansion and productivity speedup of the roaring 90s were both responsible for the significant lowering of the unemployment rate.new Phillips curve, frictional growth, productivity growth, stagflating seventies, roaring nineties, impulse response functions
Productivity Growth and the Phillips Curve: A Reassessment of the US Experience
No full textIn this paper we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e. the interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical methodology relies heavily on impulse response functions, it represents a synthesis of the traditional structural modelling and (structural) vector autoregressions (VARs). We find that the PC is downward-sloping with a slope of -3.58 in the long-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment and inflation, while the monetary expansion was quite ineffective and led mainly to higher inflation. Finally, the monetary expansion and productivity speedup of the roaring 90s were both responsible for the significant lowering of the unemployment rate.New Phillips curve; frictional growth; productivity growth; stagflating seventies; roaring nineties; impulse response functions
Productivity Growth and the Phillips Curve: A Reassessment of the US Experience
No full textIn this paper we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e. the interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical methodology relies heavily on impulse response functions, it represents a synthesis of the traditional structural modelling and (structural) vector autoregressions (VARs). We find that the PC is downward-sloping with a slope of -3.58 in the long-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment and inflation, while the monetary expansion was quite ineffective and led mainly to higher inflation. Finally, the monetary expansion and productivity speedup of the roaring 90s were both responsible for the significant lowering of the unemployment rate.New Phillips curve, Frictional growth, Productivity growth, Stagflating seventies, Roaring nineties, Impulse response functions
Inflation Persistence and the Phillips Curve Revisited
No full textA major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this "persistency puzzle" is highly misleading, relying on the exogeneity of the forcing variable (e.g. output gap, marginal costs, unemployment rate) and the assumption of a zero discount rate. We show that when the discount rate is positive in a general equilibrium setting (in which real variables not only affect inflation, but are also influenced by it), standard wage-price staggering models can generate both substantial inflation persistence and a nonzero inflation-unemployment tradeoff in the long-run. This is due to frictional growth, a phenomenon that captures the interplay of nominal staggering and permanent monetary changes. We also show that the cumulative amount of inflation undershooting is associated with a downward-sloping NPC in the long-run.Inflation dynamics, Persistence, Wage-price staggering, New Phillips curve, Monetary policy, Frictional growth
Seasonality of thyrotoxicosis
No full textStudy of a large and representative series of thyrotoxic patients showed a higher frequency of diagnosis in the spring and summer. The median interval between onset and diagnosis was 12 weeks, indicating a peak in onset of the disease from January to June. The seasonality of thyrotoxicosis may be related to seasonal variations in iodine intake.</p
Self-starting, passively mode-locked erbium fibre ring laser based on the amplifying Sagnac switch
No full textA novel self-starting, passively mode-locked erbium fibre laser is reported. The scheme is based on the reflection properties of a nonlinear amplifying loop mirror and provides a stable source of picosecond pulses
320 fs soliton generation with passively mode-locked erbium fibre laser
No full textThe generation of ultrashort 320fs soliton pulses at 1560nm from an all-fibre, passively mode-locked erbium fibre is reported. Repetition rates as high as 10GHz have been observed demonstrating the device's potential as a telecommunication soliton source
A self-starting passively mode-locked erbium fibre laser
No full textWe report a novel self-starting, passively mode-locked erbium fibre laser. The scheme is based on the reflection properties of a nonlinear amplifying loop mirror and provides a stable source of picosecond pulses
Deformation studies in the Irish Caledonides
No full textAn interpretation of the major structure of parts of the Irish Caledonides is made, based on the results of mapping of the main early penetrative fabrics. Interpretation of major changes in fabric are attributed to strain variation, and models are developed to explain these changes. The regional nappe structures in the Dalradian rocks have been modified by (1) D2 slide zones, and (2) a D4 sinistral shear zone adjacent to the Main Donegal Granite in NW Donegal. In N Mayo the major structure is interpreted in terms of a steep dextral E-W shear zone modifying the early formed nappe pile. The strain history adjacent to the Iapetus suture in central Ireland is described and a wide zone of non-axial planar cleavage discussed. In SE Ireland the regional strain pattern is modified in the tectonic aureole of the Leinster Granite. <br/
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