Do professional forecasters apply the Phillips curve and Okun's law? Evidence from six Asian-Pacific countries

Jan-Christoph Rülke

Japan and the World Economy, 2012, vol. 24, issue 4, 317-324

Abstract: Using survey data from six Asian-Pacific countries, we report that professional forecasters apply the wage Phillips curve, the price Phillips curve, and Okun's law when forecasting macroeconomic variables. This result is robust when using time-varying coefficients, different forecast horizons and when taking business-cycle asymmetries into account. The results also suggest that the confidence in macroeconomic relationships was more pronounced during the economic crisis 2007–2009 and when looking at longer forecast horizons.

Keywords: Okun's law; Phillips curve; Asian-Pacific countries; Professional forecasters (search for similar items in EconPapers)
JEL-codes: C32 F37 G15 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:japwor:v:24:y:2012:i:4:p:317-324

DOI: 10.1016/j.japwor.2012.05.002

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