Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries
This paper provides empirical estimates
of contracting models of the Phillips curve for four
middle-income developing economies-Chile, the Republic of
Korea, the Philippines, and Turkey. Following an analytical
review, models with both one lead and one lag, and two lags
and three leads, are then estimated using Generalized Method
of Moments (GMM) techniques. The results indicate that for
both Chile and Turkey past and future inflation are of about
the same magnitude in affecting current inflation. In Korea
past inflation has a larger impact on inflation, whereas in
the Philippines it is future inflation that plays a larger
role. Homogeneity restrictions are satisfied for Korea and
Turkey, but not for Chile and the Philippines.
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Bibliographic Details
| Main Authors: |
Agenor, Pierre-Richard,
Bayraktar, Nihal |
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| Language: | English
en_US |
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| Published: |
World Bank, Washington, DC
2003-09
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| Subjects: | BUSINESS CYCLES,
CENTRAL BANK,
CONSUMER PRICE INDEX,
CONSUMER PRICES,
COST FUNCTIONS,
DISINFLATION,
ECONOMETRIC ANALYSIS,
ECONOMIC ACTIVITY,
ECONOMIC ANALYSIS,
ECONOMIC RESEARCH,
ECONOMIC TIME SERIES,
EMPIRICAL ANALYSIS,
EXCESS DEMAND,
EXCESS SUPPLY,
EXCHANGE RATE,
EXCHANGE RATES,
EXPECTED VALUES,
EXPENDITURES,
FREE TRADE,
GATT,
GROWTH RATE,
INCOME,
INFLATION,
INFLATION RATE,
KEYNESIAN ECONOMICS,
MACROECONOMIC SHOCKS,
MACROECONOMICS,
MARKET ACCESS,
MENU COSTS,
MONETARY POLICY,
OPEN ECONOMIES,
OPTIMIZATION,
PHILLIPS CURVE,
POLITICAL ECONOMY,
PRICE ADJUSTMENT,
PRICE ADJUSTMENTS,
PRICE CAPS,
PRICE EXPECTATIONS,
PRICE SETTING,
PURCHASING,
PURCHASING POWER,
STICKY PRICES,
TOTAL COSTS,
TRADE REFORMS,
WAGES,
WTO MIDDLE INCOME COUNTRIES,
ANALYTICAL METHODS,
ECONOMIC MODELS,
ECONOMIC LAG,
INFLATION RATES,
ECONOMIC SANCTIONS,
WTO,
MIDDLE INCOME COUNTRIES, |
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| Online Access: | http://documents.worldbank.org/curated/en/2003/09/2620960/contracting-models-phillips-curve-empirical-estimates-middle-income-countries
https://hdl.handle.net/10986/18054
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