Evaluation of inflation and unemployment and plotting the Philips curve of the Czech Republic

Krulický, Tomáš; Šanderová, Veronika; Dolejš, Dominik

doi:10.1051/shsconf/202213201007

Cited by 3 publications

(3 citation statements)

References 23 publications

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“…The results are therefore consistent with the findings reported in another study, where a standard Phillips' curve was identified not only in the conditions of the Czech Republic, but also in other V4 countries (Kadeřábková, Jašová, & Holman, 2020). However, the results contradict the study, which focused on estimating the Phillips' curve in the conditions of the Czech Republic in the same overall period (Krulický, Šanderová, & Dolejš, 2022). The verification of the Phillips' curve seems to be significantly influenced by the choice of period and by the methodological approach for its verification.…”

Section: Discussionsupporting

confidence: 89%

Impact of Wage Increase and Estimation of Phillips’ Curve in Czech Republic

Marinič¹

2022

Proceedings of the International Scientific Conference Hradec Economic Days 2022

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The paper deals with the influence of wage growth on selected economic indicators in the condition of the Czech Republic. The estimate of the Phillips' curve in the conditions of the Czech Republic is constructed as a first step of the analysis, both for the original version, including the link between the change in wages and the unemployment rate, and in a modified form, examining the relationship between inflation and unemployment. The analyzed data show that the relationship between inflation and unemployment rate for the Czech Republic in the period 2005 to 2021 is not such significant (R 2 = 0.245), however, there is a stronger link between wage change and unemployment rate (R 2 = 0.495). Furthermore, the link between wage growth and consumption of households is examined, as it is referred to as a factor accelerating inflation rate. The data suggest that changes in consumption of households can be explained by 42.7% through wage changes. Thus, the results suggest that wage growth in the conditions of the Czech Republic was related to the low unemployment rate and is partly reflected in the growth of consumption of households, but the link to the accelerating inflation rate is missing.

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Section: Discussionsupporting

confidence: 89%

Impact of Wage Increase and Estimation of Phillips’ Curve in Czech Republic

Marinič¹

2022

Proceedings of the International Scientific Conference Hradec Economic Days 2022

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“…The application of multiple linear regression, which was used in the comprehensive analysis to estimate unobservable variables, was supplemented with ad hoc analysis including verification with published data (graphic representation of a linear line) in the period from April 2021 to March 2022 (e.g. Zubikova & Smolak, 2022;Krulicky et al, 2022). However, it consisted primarily of a regression estimation of PC shifts on a rolling basis (Baba et al, 2023) and a Break model (Jasova & Kaderabkova, 2012).…”

Section: Estimation Methodologymentioning

confidence: 99%

The Non-Accelerating Infection Rate of Unemployment as an alternative to the Non-Accelerating Inflation Rate of Unemployment for the period of the COVID-19 pandemic: The example of the industries of the Czech Republic

Jašová

2023

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The objective of this paper is to use a meso-level empirical analysis to confirm the usefulness of the concepts of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) and the Non-Accelerating Infection Rate of Unemployment (NARRU). The atypically negative values are consistent with the findings in an economy in transition and during a global financial and economic recession. A higher value of NARRU than NAIRU signals that the intensity of the government's counter-pandemic measures is inadequate to match the depth of the COVID-19 pandemic's impact on the labour market. The lower value of the positive gap between unemployment for the NAIRU concept versus that of NARRU implies that the impact of counter-pandemic measures on the labour market was smaller than that required by the pandemic burden on society. The government of the Czech Republic should have implemented a stricter lockdown or ensured a sufficient supply of respirator masks. Localised negative Phillips curve (PC) slopes at the meso level confirm the suitability of applying the NAIRU and NARRU concepts during the period of COVID-19. Ad hoc analysis and regression estimation of PC shifts on a rolling basis and a Break model in the last period analysed (April 2021 to March 2022) found that the PC in the first phase (April to August 2021) and in the fourth phase (February to March 2022) typically had a negative slope in both concepts. In the second phase (September and October 2021) and third phase (November 2021 to January 2022), the analysis located a PC with an atypically positive slope, which is related to fluctuations associated with the pandemic and measures against it.

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“…According to Tomáš, Veronika, and Dominik (2022), unemployment requires that a person not only wants to work but also looks for it actively. According to Chigozie (2018), unemployed person is the one who is without work and is currently available for work and is seeking or wanting to work while unemployment rate is defined as the number of unemployed persons taken as a percentage of the economically active population, which includes both the employed and the unemployed (IMF, 2022;ILO, 2022;Tomáš, Veronika, and Dominik, 2022).…”

Section: Concept Of Inflation and Unemploymentmentioning

confidence: 99%

Exploring the relationship between inflation and unemployment in South Africa

Azunna,

Botes

2024

IJRBS

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The paper investigates the relationship between inflation and unemployment in the South African setting, encompassing a comprehensive analysis of historical, theoretical, and empirical evidence. Existing literature surveys demonstrate that several studies have been conducted in multiple countries to ascertain the correlation between inflation and unemployment. The review incorporated the postulations of many economic schools of thought as they are applied to South Africa. The Phillips Curve was examined in accordance with the research purpose. The process involves gathering secondary data from reputable sources such as Statistics South Africa, the South African Reserve Bank, and other reliable secondary sources to analyse this relationship. The findings are presented using linear regression, tables, and figures. The study utilised annual inflation and unemployment data in South Africa spanning from 2000 to 2022 to elucidate the correlation between inflation and unemployment. The study discovered that the link was nonlinear and did not exhibit any meaningful association or correlation.

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Evaluation of inflation and unemployment and plotting the Philips curve of the Czech Republic

Cited by 3 publications

References 23 publications

Impact of Wage Increase and Estimation of Phillips’ Curve in Czech Republic

Impact of Wage Increase and Estimation of Phillips’ Curve in Czech Republic

The Non-Accelerating Infection Rate of Unemployment as an alternative to the Non-Accelerating Inflation Rate of Unemployment for the period of the COVID-19 pandemic: The example of the industries of the Czech Republic

Exploring the relationship between inflation and unemployment in South Africa

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