USING THE PHILIPS CURVE IN MACROECONOMIC ANALYSIS

Constantin Anghelache, Alexandru Manole, Madalina-Gabriela Anghel and Maria Mirea
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Constantin Anghelache: Bucharest University of Economic Studies/„Artifex" University of Bucharest
Alexandru Manole: „Artifex” University of Bucharest
Madalina-Gabriela Anghel: „Artifex" University of Bucharest
Maria Mirea: Bucharest University of Economic Studies

Romanian Statistical Review Supplement, 2017, vol. 65, issue 7, 16-28

Abstract: The issue of a country’s evolution is solved and resolved by analyzing the macroeconomic results indicators. Gross domestic product and, in particular, Gross Domestic Product per capita is the most synthetic and accurate indicator of the level recorded by a country in its evolution over time. In statistical practice, there are a number of methods and models of macroeconomic analysis in chronological, structural or international comparability. The economic evolution of a country for international comparability is the question of establishing the results of each period in comparable terms, ie bringing macroeconomic indicators expressed in current prices at constant or comparable prices. Of course, inflation is the factor that requires the deflation of macroeconomic aggregates to bring them to comparability. In statistical practice, theoreticians have been unable to give up the Philips curve that interprets demand and supply inflation. In this article, we wanted to analyze and interpret how the Philips curve applies in the current context. We consider the representation of this curve in a system of cointegrated variables. Consistency and changes in the unemployment rate are also estimated on the basis of the Philips curve, which is a precise representation of the correlation between the rise in the central outcome indicator and inflation.

Keywords: Philips curve; product market; uncertainty; unemployment; Lucas curve (search for similar items in EconPapers)
JEL-codes: C44 E23 (search for similar items in EconPapers)
Date: 2017
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