Economists find ‘strong and stable’ Phillips curve in China
Past studies had struggled to pin down a clear link between inflation and output in the economy
The Phillips curve relationship between inflation and output is “strong and stable” in China, new research has found, suggesting the country is not an outlier in terms of its underlying economic mechanisms.
The working paper, published on May 28 by the Bank for International Settlements, tries to overcome the struggles of previous researchers to identify a clear relationship between the two key variables for the Chinese economy. The task was complicated due to older data, rapid structural change
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