| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2413 |
| DP2413 European Financial Markets After EMU: A First Assessment | |
| Francesco Giavazzi; Jean-Pierre Danthine; Ernst-Ludwig von Thadden | |
| 发表日期 | 2000-04-28 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence for a low frequency relationship between unemployment, inflation and the nominal interest rate. I show that in the United States from 1959.1 to 1991.3, the unemployment rate, the inflation rate and the federal funds rate can be modelled as non stationary time series linked by two co-integrating equations. One of these equations is stable over the whole sample period, the other is different over the sub periods 1959.1-1979.4 and 1980.1-1999.3. I evaluate the ability of a class of models to explain these facts and conclude that models that incorporate the natural rate hypothesis are inadequate. An alternative class of models, characterized by the existence of an upward sloping long-run Phillips curve, can account for the data. |
| 主题 | International Macroeconomics |
| 关键词 | Cointegration The natural rate hypothesis The phillips curve |
| URL | https://cepr.org/publications/dp2413 |
| 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/531497 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Jean-Pierre Danthine,Ernst-Ludwig von Thadden. DP2413 European Financial Markets After EMU: A First Assessment. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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