@techreport{Caporale2011Employment,
abstract = {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.},
address = {M\"{u}nchen},
author = {Guglielmo Maria Caporale and Marinko \v{S}kare},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C23; E24; E31; E60; 330; Phillips-Kurve; Besch\"{a}ftigung; Inflation; Wirtschaftswachstum; Panel; Sch\"{a}tzung; Welt},
language = {eng},
number = {3502},
publisher = {CESifo},
title = {Employment growth, inflation and output growth: Was Phillips right? Evidence from a dynamic panel},
type = {CESifo working paper: Monetary Policy and International Finance},
url = {http://hdl.handle.net/10419/49489},
year = {2011}
}
