Analysis of Substitution Changes in the Phillips Curve in V4 Countries Over the Course of Economic Cycles

Kadeřábková, Božena; Jašová, Emilie; Holman, Robert

doi:10.20472/es.2020.9.2.003

Cited by 11 publications

(10 citation statements)

References 23 publications

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“…The strength of the link would be increased by dividing the overall analyzed period 2005-2021 into at least two consecutive periods (for example, the division to periods 2005-2012 and 2013-2021 would increase the coefficient of determination for both periods to the value higher than 0.5). 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).…”

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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“…Research by Busseti, Caivano and Delle Monache [13] has shown that the domestic output gap has a greater effect on the right part of the conditional inflation distribution graph than on the left part of the graph, suggesting a nonlinearity of the Phillips curve. The aim of Kadeřábková, Jasová and Holman [14] was to determine the nature and intensity of the slope of Phillips curves (PC) for workers at risk of unemployment in individual phases of the economic cycle between 2000 and 2016 in the Visegrad Group (V4). They used linear regressions to replace the household unemployment deflator.…”

Section: Literature Researchmentioning

confidence: 99%

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

2022

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The Phillips curve was supposed to mean an expansion of the doctrine based on the original regulatory ideas of J. M. Keynes. At the time of its inception (1950s), it gave governments theoretical hope, coming from the possibility of choosing a negative correlation between the price level (P) and the product (Y). Her early denial (at least in the short term) by Milton Friedman, on the other hand, has not changed anything about other applications that are still relevant until present time. In the fact, advantage of Phillips curve is her ability based on broad-spectrum use for any type of national economy. The aim of this work is to determine the shape of the Phillips curve for the Czech Republic in the period from 2000 to the present and to compare its shape with the shape of the original Phillips curve. The method of regression analysis is used here, comparison and prediction are performed using time series. In this paper, we find out what the short-term Phillips curve looks like for the Czech Republic, that it does not coincide with the original Phillips curve, and that in the future we can count on a growing correlation between inflation and unemployment.

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“…As authors [6] find, the value added in the construction sector behaves very procyclically with sectoral unemployment anticipating the upward trend of overall unemployment rate in the economy in bad times but lags behind in good times. Workers in the construction industry are significantly more vulnerable to unemployment throughout the economic cycle than workers in other industries [7].…”

Section: Introduction 1construction's Life Cycle Costs (Lcc)mentioning

confidence: 91%

Residential Construction with a Focus on Evaluation of the Life Cycle of Buildings

et al. 2021

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The article focuses on highlighting the role of life cycle costing (LCC) in the preparatory and implementation phase of residential projects. It involves the evaluation of several investment scenarios in the pre-investment phase, the choice between variants of the design of the entire building or its parts, and the choice of variants of structures and equipment with acceptable parameters. An innovative method of evaluating the life cycle of buildings is described in the article. This method was tested in selected residential projects realized by Skanska in the Czech Republic. Experience from construction practice shows that the choice of variants, constructions, or equipment of buildings only on the basis of the lowest acquisition costs (lowest bid prices) is wrong. The LCC calculation tool has been designed to model life cycle costs of individual variants of construction designs with different input parameters. It is possible to analyze the components or equipment that have the greatest impact on total life cycle costs. The article presents a tool that evaluates the long-term economic efficiency of the proposed residential buildings in terms of analysis of life cycle costs. The article will also expand the knowledge of the professional and general public about the importance of examining investment and operating costs already in the phase of construction preparation.

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Analysis of Substitution Changes in the Phillips Curve in V4 Countries Over the Course of Economic Cycles

Cited by 11 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

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

Residential Construction with a Focus on Evaluation of the Life Cycle of Buildings

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