‘Estudios sobre agregados económicos europeos y políticas estructurales’

Javier Gardeazabal Matías, Jesús Vázquez Pérez, Mª José Gutiérrez Huerta, Marta Regúlez Castillo, Juan Rubio Ramirez, Arantzazu Gorostiaga Alonso, Juan Nave Pineda.

This study centres on an analysis of the New Phillips Curve (NPC) dealing in the correlation between inflation and the level of economic activity. From a technical standpoint, it will obtain the alternative equilibria for rational expectations in the NPC model, and analyse the dynamic properties of rational expectation equilibria and the parametric value range of the feedback between inflation and economic activity. From an empirical standpoint, it will examine the co-movements of output and inflation in the EU15 on different time horizons, changes of government, and the ability of the NPC model to reproduce the co-movements observed in these same countries between output and inflation.