Is there a Phillips Curve in the U.S. and the EU15 Countries?an empirical investigation

  1. Vázquez, Jesús
Revista:
DFAE-II WP Series

ISSN: 1988-088X

Año de publicación: 2002

Número: 32

Tipo: Documento de Trabajo

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Otras publicaciones en: DFAE-II WP Series

Resumen

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 di.erent 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.

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