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IS THE PHILLIPS CURVE DIFFERENT IN POOR COUNTRIES?

Michael Bleaney and Manuela Francisco

Bulletin of Economic Research, 2018, vol. 70, issue 1, E17-E28

Abstract: It has been suggested that the Phillips curve (positive output†inflation correlation) is inverted in poor countries. It is argued here that the truth is more complex. In poor countries temporary supply†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.

Date: 2018
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