Expectations-augmented Phillips curve: further evidence from state economies
James Payne ()
Applied Economics Letters, 1995, vol. 2, issue 8, 248-254
This paper tests the expectations-augmented Phillips-curve hypothesis for the 50 states in the US. Unlike previous work both adaptive and rational expectations are incorporated in the modeling of the Phillips-curve relationship. Second, the role of relative regional wages are taken into account. Third, the wage-price controls of 1971-72 and 1972-73 are included in the modeling efforts. The empirical results suggest that the expectations-augmented Phillips-curve model based on adaptive expectations provides better results across the 50 states than the Phillips-curve model based on rational expectations.
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