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Evolution Of Inflation-Unemployment Relationship In The Perspective Of Romania’S Accession To Eu

Author

Listed:
  • Albu, Lucian Liviu

    (Institute for Economic Forecasting, Romanian Academy, Bucharest)

Abstract

The author uses two models derived from the general model of stagflation in order to analyze long term trends of inflation-unemployment relationship. The first model assumes a simple linear correlation between unemployment and the growth rate of GDP, while inflation is a parabolic function of GDP. The second model extends the first one by reformulating the unemployment as depending in a quadratic way on production. Based on the second model, the author has also identified that transition passed through five distinct phases.

Suggested Citation

  • Albu, Lucian Liviu, 2001. "Evolution Of Inflation-Unemployment Relationship In The Perspective Of Romania’S Accession To Eu," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 5-23, December.
    • Handle: RePEc:rjr:romjef:v::y:2001:i:3:p:5-23
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    Citations

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    Cited by:

    1. Caraiani, Petre, 2010. "Modeling Business Cycles In The Romanian Economy Using The Markov Switching Approach," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 130-136, March.
    2. Albu, Lucian-Liviu, 2006. "A dynamic model to estimate the long-run trends in potential GDP," MPRA Paper 3708, University Library of Munich, Germany.
    3. Albu, Lucian Liviu, 2005. "A Dynamic Model To Estimate The “Pure” Productivity," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 2(1), pages 30-34.
    4. Purica, Ionut & Caraiani, Petre, 2009. "Second Order Dynamics Of Economic Cycles," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(1), pages 36-47, March.
    5. Caraiani, Petre, 2012. "Is the Romanian Business Cycle Characterized by Chaos?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 142-151, September.
    6. Cristi SPULBAR & Mihai NITOI & Cristian STANCIU, 2012. "Identifying The Industry Business Cycle Using The Markov Switching Approach In Central And Eastern Europe," Management and Marketing Journal, University of Craiova, Faculty of Economics and Business Administration, vol. 0(2), pages 293-300, November.
    7. Lucian-Liviu Albu, 2006. "Trends in inflation-unemployment relationship before and after accession to EU," Romanian Economic Business Review, Romanian-American University, vol. 1(3), pages 25-33, September.
    8. Caraiani, Petre, 2008. "An Analysis Of Domestic And External Shocks On Romanian Economy Using A Dsge Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(3), pages 100-114, September.

    More about this item

    Keywords

    inflation; unemployment; Philips curve; transition economies;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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