Phillips Curve and the Equilibrium Unemployment Rate

Guay Lim, Robert Dixon and Sarantis Tsiaplias

The Economic Record, 2009, vol. 85, issue 271, 371-382

Abstract: A time‐varying Phillips Curve was estimated as a means to examine the changing nature of the relationship between wage inflation and the unemployment rate in Australia. The implied time‐varying equilibrium unemployment rate was generated and the analysis showed the important role played by variations in the slope of the Phillips Curve in changing the equilibrium unemployment rate. The deviations of actual unemployment rates from the estimated equilibrium unemployment rates also performed remarkably well as measures of inflationary pressure.

Date: 2009
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https://doi.org/10.1111/j.1475-4932.2009.00568.x

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Working Paper: Phillips Curve and the Equalibrium Unemployment Rate (2009)
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