Phillips Curves and Expectation Adjustments for Maturing Nations in the Asia Pacific Region

James J. Gapinski

Journal of Post Keynesian Economics, 2002, vol. 24, issue 3, 459-473

Abstract: After visually inspecting Phillips curves for maturing countries in the Asia Pacific region, this paper rigorously tests various features deduced from the images. More specifically, it asks three questions: Do trade-off Phillips curves characterize maturing nations in the region? Do the curves shift downward through time because of productivity increases? Do expectation adjustments follow an adaptively rational rule rather than the rational expectations hypothesis? Relying on data that cover nine nations and appealing to a nonlinear estimation method, the paper answers each question in the affirmative. Throughout, the implications for macroeconomic philosophies and their policy prescriptions are noted.

Date: 2002
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DOI: 10.1080/01603477.2002.11490336

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