What a puzzle! Unravelling why UK Phillips curves were unstable

The UK relationship between nominal wage inflation and the unemployment rate is unstable. Over sub-periods of the last 160 years of turbulent data, Phillips curve slopes range from strongly negative, slightly negative, flat, slightly positive and strongly positive. Our constant-parameter congruent m...

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Autori principali: Castle, J, Hendry, D
Natura: Journal article
Lingua:English
Pubblicazione: Wiley 2024