IS THE PHILLIPS CURVE DIFFERENT IN POOR COUNTRIES?
Michael Bleaney and
Bulletin of Economic Research, 2018, vol. 70, issue 1, E17-E28
It has been suggested that the Phillips curve (positive outputâ€ inflation correlation) is inverted in poor countries. It is argued here that the truth is more complex. In poor countries temporary supplyâ€ side shocks, for example to agricultural output, induce a negative correlation between prices and output rather than between inflation rates and output. Empirical evidence supports this hypothesis.
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