Testing the hypothesis of Phillips curve trade-off: a regime switching approach

Tsung Wu Ho

Applied Economics Letters, 2000, vol. 7, issue 10, 645-647

Abstract: The hypothesis of Phillips curve trade-off is tested by applying a two-state first-order Markov switching model to estimate a simple expectation-augmented Phillips curve, which allows for the possibility that samples are drawn from two normal distributions. Evidence from the UK shows that, two Phillips-curve regimes are identified, and the regime with ineffective trade-off dominates the other over time, which verifies the hypothesis.

Date: 2000
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DOI: 10.1080/135048500415941

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