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http://bura.brunel.ac.uk/handle/2438/6128| Title: | Employment growth, inflation and output growth: Was phillips right? Evidence from a dynamic panel |
| Authors: | Caporale, GM Skare, M |
| Keywords: | Employment growth;Inflation;Output growth;Golden triangle theory |
| Issue Date: | 2011 |
| Publisher: | Brunel University |
| Citation: | Economics and Finance Working Paper, 11-09, Jun 2011 |
| Abstract: | In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in Phillips’ tradition. For this purpose we apply FMOLS, DOLS, PMGE, MGE, DFE, and VECM methods to a nonstationary heterogeneous dynamic panel including annual data for 119 countries over the period 1970-2010, and also carry out multivariate Granger causality tests. The empirical results strongly support the existence of a single cointegrating relationship between employment growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output growth, giving support to Phillips’ Golden Triangle theory. |
| Description: | Copyright @ 2011 Brunel University |
| URI: | http://bura.brunel.ac.uk/handle/2438/6128 |
| Appears in Collections: | Economics and Finance Publications Dept of Economics and Finance Research Papers |
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