Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries
This paper provides empirical estimates of contracting models of the Phillips curve for four middle-income developing economies-Chile, the Republic of Korea, the Philippines, and Turkey. Following an analytical review, models with both one lead and...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2003/09/2620960/contracting-models-phillips-curve-empirical-estimates-middle-income-countries http://hdl.handle.net/10986/18054 |
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okr-10986-180542021-04-23T14:03:41Z Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries Agenor, Pierre-Richard Bayraktar, Nihal BUSINESS CYCLES CENTRAL BANK CONSUMER PRICE INDEX CONSUMER PRICES COST FUNCTIONS DISINFLATION ECONOMETRIC ANALYSIS ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC RESEARCH ECONOMIC TIME SERIES EMPIRICAL ANALYSIS EXCESS DEMAND EXCESS SUPPLY EXCHANGE RATE EXCHANGE RATES EXPECTED VALUES EXPENDITURES FREE TRADE GATT GROWTH RATE INCOME INFLATION INFLATION RATE KEYNESIAN ECONOMICS MACROECONOMIC SHOCKS MACROECONOMICS MARKET ACCESS MENU COSTS MONETARY POLICY OPEN ECONOMIES OPTIMIZATION PHILLIPS CURVE POLITICAL ECONOMY PRICE ADJUSTMENT PRICE ADJUSTMENTS PRICE CAPS PRICE EXPECTATIONS PRICE SETTING PURCHASING PURCHASING POWER STICKY PRICES TOTAL COSTS TRADE REFORMS WAGES WTO MIDDLE INCOME COUNTRIES PHILLIPS CURVE ANALYTICAL METHODS ECONOMIC MODELS ECONOMIC LAG INFLATION RATES ECONOMIC SANCTIONS WTO MIDDLE INCOME COUNTRIES This paper provides empirical estimates of contracting models of the Phillips curve for four middle-income developing economies-Chile, the Republic of Korea, the Philippines, and Turkey. Following an analytical review, models with both one lead and one lag, and two lags and three leads, are then estimated using Generalized Method of Moments (GMM) techniques. The results indicate that for both Chile and Turkey past and future inflation are of about the same magnitude in affecting current inflation. In Korea past inflation has a larger impact on inflation, whereas in the Philippines it is future inflation that plays a larger role. Homogeneity restrictions are satisfied for Korea and Turkey, but not for Chile and the Philippines. 2014-04-25T16:47:23Z 2014-04-25T16:47:23Z 2003-09 http://documents.worldbank.org/curated/en/2003/09/2620960/contracting-models-phillips-curve-empirical-estimates-middle-income-countries http://hdl.handle.net/10986/18054 English en_US Policy Research Working Paper;No. 3139 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific Europe and Central Asia Latin America & Caribbean Chile Korea, Republic of Philippines Turkey |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
BUSINESS CYCLES CENTRAL BANK CONSUMER PRICE INDEX CONSUMER PRICES COST FUNCTIONS DISINFLATION ECONOMETRIC ANALYSIS ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC RESEARCH ECONOMIC TIME SERIES EMPIRICAL ANALYSIS EXCESS DEMAND EXCESS SUPPLY EXCHANGE RATE EXCHANGE RATES EXPECTED VALUES EXPENDITURES FREE TRADE GATT GROWTH RATE INCOME INFLATION INFLATION RATE KEYNESIAN ECONOMICS MACROECONOMIC SHOCKS MACROECONOMICS MARKET ACCESS MENU COSTS MONETARY POLICY OPEN ECONOMIES OPTIMIZATION PHILLIPS CURVE POLITICAL ECONOMY PRICE ADJUSTMENT PRICE ADJUSTMENTS PRICE CAPS PRICE EXPECTATIONS PRICE SETTING PURCHASING PURCHASING POWER STICKY PRICES TOTAL COSTS TRADE REFORMS WAGES WTO MIDDLE INCOME COUNTRIES PHILLIPS CURVE ANALYTICAL METHODS ECONOMIC MODELS ECONOMIC LAG INFLATION RATES ECONOMIC SANCTIONS WTO MIDDLE INCOME COUNTRIES |
| spellingShingle |
BUSINESS CYCLES CENTRAL BANK CONSUMER PRICE INDEX CONSUMER PRICES COST FUNCTIONS DISINFLATION ECONOMETRIC ANALYSIS ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC RESEARCH ECONOMIC TIME SERIES EMPIRICAL ANALYSIS EXCESS DEMAND EXCESS SUPPLY EXCHANGE RATE EXCHANGE RATES EXPECTED VALUES EXPENDITURES FREE TRADE GATT GROWTH RATE INCOME INFLATION INFLATION RATE KEYNESIAN ECONOMICS MACROECONOMIC SHOCKS MACROECONOMICS MARKET ACCESS MENU COSTS MONETARY POLICY OPEN ECONOMIES OPTIMIZATION PHILLIPS CURVE POLITICAL ECONOMY PRICE ADJUSTMENT PRICE ADJUSTMENTS PRICE CAPS PRICE EXPECTATIONS PRICE SETTING PURCHASING PURCHASING POWER STICKY PRICES TOTAL COSTS TRADE REFORMS WAGES WTO MIDDLE INCOME COUNTRIES PHILLIPS CURVE ANALYTICAL METHODS ECONOMIC MODELS ECONOMIC LAG INFLATION RATES ECONOMIC SANCTIONS WTO MIDDLE INCOME COUNTRIES Agenor, Pierre-Richard Bayraktar, Nihal Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries |
| geographic_facet |
East Asia and Pacific Europe and Central Asia Latin America & Caribbean Chile Korea, Republic of Philippines Turkey |
| relation |
Policy Research Working Paper;No. 3139 |
| description |
This paper provides empirical estimates
of contracting models of the Phillips curve for four
middle-income developing economies-Chile, the Republic of
Korea, the Philippines, and Turkey. Following an analytical
review, models with both one lead and one lag, and two lags
and three leads, are then estimated using Generalized Method
of Moments (GMM) techniques. The results indicate that for
both Chile and Turkey past and future inflation are of about
the same magnitude in affecting current inflation. In Korea
past inflation has a larger impact on inflation, whereas in
the Philippines it is future inflation that plays a larger
role. Homogeneity restrictions are satisfied for Korea and
Turkey, but not for Chile and the Philippines. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Agenor, Pierre-Richard Bayraktar, Nihal |
| author_facet |
Agenor, Pierre-Richard Bayraktar, Nihal |
| author_sort |
Agenor, Pierre-Richard |
| title |
Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries |
| title_short |
Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries |
| title_full |
Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries |
| title_fullStr |
Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries |
| title_full_unstemmed |
Contracting Models of the Phillips Curve : Empirical Estimates for Middle-Income Countries |
| title_sort |
contracting models of the phillips curve : empirical estimates for middle-income countries |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2003/09/2620960/contracting-models-phillips-curve-empirical-estimates-middle-income-countries http://hdl.handle.net/10986/18054 |
| _version_ |
1764438810018447360 |