The Long-Run Phillips Curve: A Structural VAR Investigation

Benati, Luca (2015). The Long-Run Phillips Curve: A Structural VAR Investigation. Journal of monetary economics, 76, pp. 15-28. Elsevier 10.1016/j.jmoneco.2015.06.007

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Both cointegration methods, and non-cointegrated structural VARs identified based on either long-run restrictions, or a combination of long-run and sign restrictions, are used in order to explore the long-run trade-off between inflation and the unemployment rate in the post-WWII U.S., U.K., Euro area, Canada, and Australia. Overall, neither approach produces clear evidence of a non-vertical trade-off. The extent of uncertainty surrounding the estimates is however substantial, thus implying that a researcher holding alternative priors about what a reasonable slope of the long-run trade-off might be will likely not see her views falsified

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Economics

UniBE Contributor:

Benati, Luca

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0304-3932

Publisher:

Elsevier

Language:

English

Submitter:

Eva Marina Zuberbühler

Date Deposited:

24 Jun 2016 13:23

Last Modified:

24 Jun 2016 13:23

Publisher DOI:

10.1016/j.jmoneco.2015.06.007

BORIS DOI:

10.7892/boris.82119

URI:

https://boris.unibe.ch/id/eprint/82119

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