The medium-run Phillips curve: A time–frequency investigation for the UK

Michele Fratianni, Marco Gallegati and Federico Giri

Journal of Macroeconomics, 2022, vol. 73, issue C

Abstract: The debate on the inflation–unemployment relationship has focused almost exclusively on the distinction between the “short-run” and “long-run” Phillips curves, while virtually ignoring the “middle” horizons. Using a historical perspective, we show that the UK wage Phillips curve is essentially a medium-run phenomenon. At the frequency range beyond business cycle frequencies, that is 8 to 16 years, there is significant evidence of a negative and stable relationship between money wage inflation and unemployment.

Keywords: Phillips curve; Frequency bands; Wavelet; Medium run (search for similar items in EconPapers)
JEL-codes: E00 E30 E31 E32 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:73:y:2022:i:c:s0164070422000465

DOI: 10.1016/j.jmacro.2022.103450

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