STRUCTURAL BREAKDOWN IN THE INFLATION PERSISTENCE AND PHILIPS CURVE IN IRAN

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NEJATI MAHDI; MARZBAN H.

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Journal: Journal of Economic Modelling Year:2009 | Volume:3 | Issue:2 (8) Page(s): 1-26

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Information Journal Paper

Title

STRUCTURAL BREAKDOWN IN THE INFLATION PERSISTENCE AND PHILIPS CURVE IN IRAN

Author(s)

NEJATI MAHDI | MARZBAN H. | Issue Writer Certificate

Keywords

PHILLIPS CURVEQ3

STRUCTURAL BREAKDOWNQ2

BAI AND PERRON MODELQ3

IRAN ECONOMYQ3

Abstract

Instability of PHILLIPS CURVE can be considered as the most important application of Lucas Critique. Based on this critique, changes in the policymakers' behaviors cause changes in the macroeconomic parameters through affecting the expectations of the economic factors; therefore, while some economists believe in the existence of short-term correlation between inflation and unemployment due to the inflexibility both in the wages and prices, instability of PHILLIPS CURVE is considered as a major impediment to policy making, because of the existence of STRUCTURAL BREAKDOWN, resulting from endogenous shocks or changes in the policymaking regimes. The aim of the article is to investigate the structural stability of the inflation persistence and PHILLIPS CURVE parameters in the form of BAI AND PERRON MODEL during 1961-2008. The result show that in addition to the high fluctuations of the inflation rate in Iran, its persistence is also high. Meantime, PHILLIPS CURVE parameters have been changing in different periods and long-term PHILLIPS CURVE is not linear during the said period of time.

Cites

APPLICATION OF LONG-TERM MEMORY AND STRUCTURAL BREAK' MODELS: A QUANTITATIVE APPROACH

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APA: Copy

NEJATI, MAHDI, & MARZBAN, H.. (2009). STRUCTURAL BREAKDOWN IN THE INFLATION PERSISTENCE AND PHILIPS CURVE IN IRAN. ECONOMIC MODELLING, 3(2 (8)), 1-26. SID. https://sid.ir/paper/176272/en

Vancouver: Copy

NEJATI MAHDI, MARZBAN H.. STRUCTURAL BREAKDOWN IN THE INFLATION PERSISTENCE AND PHILIPS CURVE IN IRAN. ECONOMIC MODELLING[Internet]. 2009;3(2 (8)):1-26. Available from: https://sid.ir/paper/176272/en

IEEE: Copy

MAHDI NEJATI, and H. MARZBAN, “STRUCTURAL BREAKDOWN IN THE INFLATION PERSISTENCE AND PHILIPS CURVE IN IRAN,” ECONOMIC MODELLING, vol. 3, no. 2 (8), pp. 1–26, 2009, [Online]. Available: https://sid.ir/paper/176272/en

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