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Inflation and Unemployment In EMU and the United States. ACES Working Papers No. 10, 2008

Dunn, Jr., Robert M. (2008) Inflation and Unemployment In EMU and the United States. ACES Working Papers No. 10, 2008. [Working Paper]

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    Abstract

    The original purpose of this paper was to see why the Phillips Curve numbers seem to be so much worse for the EMU countries than the United States since EMU was began operation in 1990. The problem is that there is no evidence of a Phillips curve relationship in EMU or in the United States during this seventeen year period. As can be seen in Figures 1 and 2, it just is not there. In about half the years unemployment and inflation moved in the opposite direction, as Phillips would predict, but in other half of the years they moved in the same direction. This may be a matter of time lags, with unemployment lagging inflation, but it seems clear that the Phillips curve is a poor tool for explaining these year to year outcomes in Europe or the United States.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > External relations > EU-US
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > employment/labour market > employment/unemployment
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > American Consortium on European Union Studies > ACES Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 09 Jan 2015 10:50
    Number of Pages: 6
    Last Modified: 12 Jan 2015 13:20
    URI: http://aei.pitt.edu/id/eprint/59059

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