A Phillips curve for the Italian economy? A comment on Modigliani and Tarantelli

Authors

  • L. PROSPERETTI

DOI:

https://doi.org/10.13133/2037-3643/11057

Keywords:

Phillips-Lipsey curve, developing country, Modigliani, Tarantelli, wage dynamics, Italy, labour, employment

Abstract

The paper discusses a generalisation of the Phillips-Lipsey curve to a developing country proposed by Modigliani and Tarantelli, and applied by them to the interpretation of wage dynamics in Italy in a study which was published in 1977. A major reason of interest in this work is that it seeks to account for some “structural” features of the Italian labour force, while remaining within the boundaries of a widely used - but far from widely accepted - body of theory. The author concludes that Modigliani and Tarantelli constructed an incorrect approximation to their “unemployment rate in efficiency units”, thus undermining the significance of the empirical results they present.


JEL: E24, J31, E31

Downloads

Published

2013-11-21

How to Cite

PROSPERETTI, L. (2013). A Phillips curve for the Italian economy? A comment on Modigliani and Tarantelli. PSL Quarterly Review, 34(139). https://doi.org/10.13133/2037-3643/11057

Issue

Vol. 34 No. 139 (1981)

Section

Editorial

License

 
 
Licenza Creative Commons
 
All material in this website and every article published by the Review are licensed under a Creative Commons Attribution - Non commercial - No derivates 4.0 International license.
The authors who publish on this journal maintain all rights on their works without any restrictions.