Inflation, output and unemployment trade-offs in Sub-Saharan Africa countries
Macroeconomics and Finance in Emerging Market Economies, 2022, vol. 15, issue 2, 140-159
This paper examines the behaviour of inflation, output, and unemployment in Sub-Saharan Africa (SSA) countries and shows that the predictions of the Phillips curve and Okun’s law are valid in the short run. In the long run however, the Okun’s law coefficient declines greatly and turns positive while the Phillips curve phenomenon gravitates towards the New Keynesian Phillips Curve (NKPC) but with a negative relationship. The evidence echoes Friedman’s proposition of a temporary trade-off between inflation and unemployment but no permanent trade-off. The output-unemployment relationship suggests that the long-term growth revival in SSA was neither inclusive nor pro-poor.
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Working Paper: Inflation, output and unemployment trade-offs in Sub-Saharan Africa countries (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:macfem:v:15:y:2022:i:2:p:140-159
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