BIROn - Birkbeck Institutional Research Online

    The Phillips Curve and the Lucas Critique: some historical evidence

    Alogoskoufis, G. and Smith, Ron (1989) The Phillips Curve and the Lucas Critique: some historical evidence. Discussion Paper. Centre for Economic Policy Research.

    Full text not available from this repository.

    Abstract

    This paper presents an investigation of the empirical significance of the Lucas Critique for the Phillips Curve. The investigation is carried out with annual historical time series for the United Kingdom (1857-1987) and the United States (1892-1987). The results, for two different models of the Phillips Curve, suggest that there are sizeable and statistically significant shifts in the parameters of wage equations when the process generating price inflation changes. The two major shifts that we identify coincide with the abandonment of the classical gold standard in 1914, and the disintegration of the Bretton Woods gold-dollar standard in the late 1960s.

    Metadata

    Item Type: Monograph (Discussion Paper)
    Additional Information: CEPR Discussion Papers 321
    School: School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Depositing User: Sarah Hall
    Date Deposited: 03 Nov 2020 13:53
    Last Modified: 03 Nov 2020 13:53
    URI: https://eprints.bbk.ac.uk/id/eprint/41122

    Statistics

    Downloads
    Activity Overview
    0Downloads
    37Hits

    Additional statistics are available via IRStats2.

    Archive Staff Only (login required)

    Edit/View Item Edit/View Item