7,094 research outputs found
The South African Phillips Curve: How Applicable is the Gordon Model?
No full textIs there a Phillips curve relationship present in South Africa and if so, what form does it take? Traditionally the way to estimate the Phillips curve is merely to regress the change in the price level on a measure of the output gap (or the deviation of actual unemployment from the NAIRU). However, Gordon (1990:481-5) has argued that estimating the Phillips curve in this manner biases the estimated results. Instead, Gordon (1997; 1989) puts forward his so-called triangular model that controls for inertia effects, output level effects and rates-of-change (in output) effects. He applies the model to several European countries, the US and Japan and finds meaningful results. The question this paper poses is whether or not the triangular model also applies to South Africa. In estimating the Phillips curve for South Africa the paper also experiments with four versions of the output gap, based on four different methods to estimate long run output, including the standard Hodrick-Prescott (HP) filter and the production function approach. There are several variants of the Phillips curve. The first, as estimated by Phillips (1958) himself, measures the relationship between wage inflation and unemployment. However, other versions consider the relationship between price inflation and unemployment or price inflation and output. This paper focuses on the latter, given the absence of quarterly unemployment data in South Africa, as well as the lack of a reliable and sufficiently long unemployment time series. The paper first presents an overview of literature on the Phillips curve and its estimation for South Africa and other countries. This is followed by the second section that considers the model to be estimated, the data as well as the discussion of the alternative measures of the output gap. The third section presents the estimated results followed by section four that contains the conclusion and a discussion of the policy implications.
Hautverdächtig
No full textBook Title: Postcolonial Studies; Racial Profiling
Chapter Title: Hautverdächtig
Author(s): Mohamed Wa Baile, Ellen Höhne
Publisher: transcript Verlag
DOI: 10.14361/9783839441459-004
ISBN(s): 978-3-8376-4145-5, 978-3-8394-4145-9
ISSN(s): 2703-1233, 2703-124
The Small Open-Economy New Keynesian Phillips Curve: Empirical Evidence and Implied Inflation Dynamics
No full textThis paper applies GMMestimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic versus external determinants of CPI inflation dynamics. For most countries in our sample the expected relative change in the terms of trade emerges as a more relevant inflation driver than the contemporaneous domestic output gap. Overall, our results indicate some, albeit moderate, support for the tested relationship based on data from ten OECD countries typically classified as open economies.New Keynesian Phillips Curve, small open economies, terms of trade fluctuations, inflation dynamics, GMM estimation
The Small Open-Economy New Keynesian Phillips Curve: Empirical Evidence and Implied Inflation Dynamics
No full textThis paper applies GMM estimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic versus external determinants of CPI inflation dynamics. For most countries in our sample the expected relative change in the terms of trade emerges as a more relevant inflation driver than the contemporaneous domestic output gap. Overall, our results indicate some, albeit moderate, support for the tested relationship based on data from ten OECD countries typically classified as open economies.New Keynesian Phillips Curve, small open economies, terms of trade fluctuations, inflation dynamics, GMM estimation
The Open Economy Phillips Curve: 'New Keynesian' Theory and Evidence
No full textThe Paper derives an open economy New-Keynesian Phillips curve. The Phillips curve depends on growth in the domestic economy excess capacity, differential growth between foreign output and domestic output, and on the surprise depreciation of the real exchange rate. The Paper provides new evidence on the effect of globalization of the economy, in both the trade and capital transactions, in the Phillips curve. The evidence is consistent with the predictions of the theory.imperfect competition in the product market; new Keynesian Phillips curve; Phillips curve; sacrifice ratios; strategic interactions among price setters
The author is dead, long live the author
No full textThe death of the author has been greatly exaggerated. Readers still seek what Virginia Woolf called the shadowy figure of the author in the pages of their books
The 'New Keynesian' Phillips Curve: Closed Economy versus Open Economy
No full textThe Paper extends Woodford’s (2000) analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital market, raises the degree of strategic complementarity among monopolistic competitive suppliers, thus rendering prices more sticky and magnifying output responses to nominal GDP shocks.capital mobility; new keynesian; Phillips curve; trade
Book review: 'Singing with colour' by Glen Phillips
No full textReview of the book 'Shanghai Suite and Other Poems', by Glen Phillips, published by ICLL, Edith Cowan University, Mount Lawley, WA, 2009 and the book 'Singing Granites: Poems of Devon and Gondwanaland', by Anne Born and Glen Phillips, published by Oversteps Books, Nr Kingsbridge UK, 2008
Diabetes and Dementia: a growing problem for older people with diabetes?
No full textDiabetes mellitus is common in older populations, as discussed in a previous article in this series (Phillips and Phillips, 2011). In part, this is due to much improved outcomes in diabetes, with better risk management strategies (Hawthorne, 2009). The aim of this article is to investigate the impact and risk of diabetes in, specifically, vulnerable older people, particularly those developing cognitive impairment leading to dementia. The ethical aspects of health-care decision making for people with dementia can be challenging (Beauchamp and Childress, 2009). Loss of memory and cognitive dysfunction can make it difficult for people to take a full role in decisions about their care, and requires intervention and support from carers (often a close relative)
The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy
No full textThe paper extends Woodford's (2000) analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital market, raises the degree of strategic complementarity among monopolistically competitive suppliers, thus rendering prices more sticky and magnifying output responses to nominal GDP shocks.
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