Contracting models of the Phillips curve - empirical estimates for Middle-income countries

Pierre-Richard Agénor and Nihal Bayraktar

No 3139, Policy Research Working Paper Series from The World Bank

Abstract: 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.

Keywords: Financial Intermediation; Economic Theory&Research; Payment Systems&Infrastructure; Environmental Economics&Policies; Markets and Market Access; Markets and Market Access; Financial Intermediation; Economic Theory&Research; Environmental Economics&Policies; Access to Markets (search for similar items in EconPapers)
Date: 2003-09-30
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (5)

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Related works:
Journal Article: Contracting models of the Phillips curve empirical estimates for middle-income countries (2010)
Working Paper: Contracting Models of the Phillips Curve Empirical Estimates for Middle-Income Countries (2008)
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