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dc.contributor.authorHaug, Alfred A
dc.contributor.authorKing, Ian P
dc.date.available2011-10-04T01:09:07Z
dc.date.copyright2011-08-01
dc.identifier.citationHaug, A. A., & King, I. P. (2011). Empirical Evidence on Inflation and Unemployment in the Long Run (Economics Discussion Papers Series No. 1109). University of Otago. Retrieved from http://hdl.handle.net/10523/1884en
dc.identifier.issn1178-2293
dc.identifier.urihttp://hdl.handle.net/10523/1884
dc.description.abstractWe examine the relationship between inflation and unemployment in the long run, using quarterly US data from 1952 to 2010. Using a band-pass filter approach, we find strong evidence that a positive relationship exists, where inflation leads unemployment by some 3 to 3 ½ years, in cycles that last from 8 to 25 or 50 years. Our statistical approach is atheoretical in nature, but provides evidence in accordance with the predictions of Friedman (1977) and the recent New Monetarist model of Berentsen, Menzio, and Wright (2011): the relationship between inflation and unemployment is positive in the long run.en_NZ
dc.format.mimetypeapplication/pdf
dc.language.isoenen_NZ
dc.publisherUniversity of Otagoen_NZ
dc.relation.ispartofseriesEconomics Discussion Papers Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/econ/research/discussionpapers/index.htmlen_NZ
dc.subjectInflationen_NZ
dc.subjectUnemploymenten_NZ
dc.subjectLong-run Phillips Curveen_NZ
dc.titleEmpirical Evidence on Inflation and Unemployment in the Long Runen_NZ
dc.typeDiscussion Paperen_NZ
otago.schoolDepartment of Economicsen_NZ
otago.openaccessOpen
otago.relation.number1109en_NZ
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