期刊名称：Dundee Discussion Papers in Economics / Department of Economic Studies, University of Dundee
印刷版ISSN：1473-236X
出版年度：2007
卷号：1
出版社：Dundee University
摘要：This paper argues that because United States inflation has been nonstationary
over the past 5 decades the body of empirical research that
proceeds assuming explicitly or implicitly that inflation is stationary with
constant mean is largely invalid. Using 50 years of US inflation data the
standard results in the Phillips curve literature are shown to be due to
unaccounted shifts in the mean rates of inflation over the period. We then
proceed to estimate short and long-run Phillips curves for the United States
using time series panel data techniques which account for these shifts in
mean.
关键词：Phillips curve, inflation, panel data, non-stationary data
