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Is there a Phillips Curve in the US and the EU15 Countries? An empirical investigation

By Jesús Vázquez Pérez


This paper studies the comovement between output and inflation in the EU15 countries. Following den Haan (2000), I use the correlations of VAR forecast errors at different horizons in order to analyze the output-inflation relationship. The empirical results show that eight countries display a significant positive comovement between output and inflation. Moreover, the empirical evidence suggests that a Phillips curve phenomenom is more likely to be detected in countries where inflation is more stable.comovement of output and inflation, VAR forecast errors

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