The Phillips Curve in the Euro Area: New Evidence Using Country-Level Data

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dc.contributor.author Wellmann, Susanne
dc.date.accessioned 2023-03-21T16:52:17Z
dc.date.available 2023-03-21T16:52:17Z
dc.date.issued 2023-02-21
dc.identifier.uri http://hdl.handle.net/10900/138360
dc.identifier.uri http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-1383603 de_DE
dc.identifier.uri http://dx.doi.org/10.15496/publikation-79711
dc.description.abstract We study whether the trade-off between inflation and unemployment still exists in the euro area (EA). Using country-level data for member states of the EA, we estimate a refined specification of the Phillips curve in the spirit of Hazell et al. (2022) deploying a non-tradable price index to measure inflation. We find that the slope of the Phillips curve is small and hence the Phillips curve is flat in the EA, similarly to the US. Moreover, reference estimates based on aggregate data overstate the steepness of the Phillips curve considerably. Our findings imply that the insensitivity of inflation with respect to unemployment over the last decade is a result of firmly anchored inflation expectations. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.subject.classification Economics de_DE
dc.subject.ddc 330 de_DE
dc.subject.other Inflation en
dc.subject.other Phillips curve en
dc.subject.other Expectations en
dc.subject.other Euro Area en
dc.title The Phillips Curve in the Euro Area: New Evidence Using Country-Level Data en
dc.type Article de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
utue.opus.portal utwpbusinesseco de_DE
utue.publikation.noppn yes de_DE

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