Employment Growth, Inflation and Output Growth : Was Phillips Right? Evidence from a Dynamic Panel

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in Phillips' tradition. For this purpose we apply FMOLS, DOLS, PMGE, MGE, DFE, and VECM methods to a nonstationary heterogeneous dynamic panel including annual data for 119 countries over the period 1970-2010, and also carry out multivariate Granger causality tests. The empirical results strongly support the existence of a single cointegrating relationship between employment growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output growth, giving support to Phillips' Golden Triangle theory

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Year of publication:	2011
Authors:	Caporale, Guglielmo Maria ; Škare, Marinko
Publisher:	[S.l.] : SSRN
Subject:	Inflation \| Wirtschaftswachstum \| Economic growth \| Erwerbstätigkeit \| Employment \| Panel \| Panel study \| Schätzung \| Estimation \| Welt \| World \| Phillips-Kurve \| Phillips curve

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