Does the Phillips Curve Disappear after the Millennium

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Title:	Does the Phillips Curve Disappear after the Millennium
Authors:	Nieh, Chien-Chung;Fan, Yi-Jen
Contributors:	淡江大學財務金融學系
Keywords:	Phillips Curve;government policy;PSTR model
Date:	2013-03
Issue Date:	2013-10-24 01:58:15 (UTC+8)
Abstract:	This paper uses the panel smooth transition regression (PSTR) model to reexamine the efficiency of the Phillips curve for seven efficiency-driven countries defined by the WEF (World Economic Forum) over the period from 2000 to 2010. In contrast to the Phillips curve estimated within a linear framework, the result of the LM test shows that the data used to fit the nonlinear model is superior. This empirical investigation indicates that the trade off relationship will disappear if the quarterly percentage change of the interest rate is between -0.70% and 14.84%, or if the ratio of government expenditure to GDP is higher than 20.92%.
Relation:	The Empirical Economics Letters 12(3), pp.327-337
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Journal Article

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