An Estimation of the Nonlinear Phillips Curve in Colombia

Borradores de Economia
Number: 
160
Published: 
Classification JEL: 
E31, E37
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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As originally drawn and estimated by professor Phillips, the Phillips, curve is a curve indeed, not a straight line as often thought. Following Laxton, et. al. (1999) we estimate a convex Phillips curve and model de NAURI as a variable that is unobserv