| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1516 |
| DP1516 Economic Incentives and Hospitalization in Germany | |
| Klaus F. Zimmermann; Ralph Rotte; Andreas Million | |
| 发表日期 | 1996-11-30 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964?95 in order to estimate dynamic Phillips trade-offs and sacrifice ratios in response to a demand shock. We organize our empirical approach as a structural (albeit eclectic) one. In so doing, we use a Structural VAR to identify demand shocks in a framework where the high persistence in both series allows us to differentiate between permanent and transitory components. Our eclecticism comes from using three alternative identifying schemes which fit the data equally well, but place different emphasis on the effects of demand shocks on the unemployment rate. Our estimates suggest, according to the reader?s prior belief (Keynesian or monetarist), that a one percentage point reduction in inflation following an aggregate demand contraction is associated with cumulated output losses of between 2.6% and 5% over five years. |
| 主题 | International Macroeconomics |
| 关键词 | Phillips trade-offs Sacrifice ratio Shocks Vector autoregressions |
| URL | https://cepr.org/publications/dp1516 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530655 |
| 推荐引用方式 GB/T 7714 | Klaus F. Zimmermann,Ralph Rotte,Andreas Million. DP1516 Economic Incentives and Hospitalization in Germany. 1996. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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