Has the Phillips Curve Become Steeper?

Discussion of “ Has Globalization Changed the Phillips Curve ? ” ∗

This paper by Eugenio Gaiotti is a refutation paper: it tests and rejects the idea popularized by Borio and Filardo (2007) that globalization explains the flattening of the Phillips curve. While several papers have already been devoted to assessing the Borio and Filardo theory, the distinctive feature of the present article is that it uses microeconomic data. Microeconomic data can be helpful i...

The Phillips Curve

The Wage Curve and the Phillips Curve

Blanchflower and Oswald (1994) have argued that, in regional data, the level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical support for the expectations-aug...

The Phillips curve in Thailand¤

The subject of this paper is the estimation of the Phillips curve in Thailand. The aim of the estimation is to ...t the Phillips curve as part of a small-scale, log-linearised structural model for the country, which is suitable to form the basis for a future simulation exercise to ...nd an optimum monetary policy rule. A linear form of the Phillips curve is estimated using ordinary least square...

The Phillips Curve in Australia

Wells and other conference participants for their comments on the earlier version of this paper. The views expressed in this paper are those of the authors and should not be attributed to the Reserve Bank of Australia.