Non-stationary inflation and panel estimates of United States short and long-run Phillips curves

Bill Russell ()

Journal of Macroeconomics, 2011, vol. 33, issue 3, 406-419

Abstract: This paper argues that because United States inflation has been non-stationary over the past five decades the vast body of empirical research that proceeds without adequately accounting for the non-stationarity in the data is invalid. Using 50 years of United States inflation data the standard results in the Phillips curve literature are shown to be due to unaccounted shifts in the mean rates of inflation over the period. Short and long-run Phillips curves for the United States are then estimated using time series panel data techniques that account for these shifts in mean.

Keywords: Phillips; curve; Inflation; Panel; data; Non-stationary; data (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0164070411000206
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Non-Stationary Inflation and Panel Estimates of United States Short and Long-run Phillips curves (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:33:y:2011:i:3:p:406-419

Access Statistics for this article

Journal of Macroeconomics is currently edited by Douglas McMillin and Theodore Palivos

More articles in Journal of Macroeconomics from Elsevier
Bibliographic data for series maintained by Catherine Liu ().