C:\Documents and Settings\Gregor Smith\My Documents\papers\map\jmcb\07-224.dviGREGOR W. SMITH Japan’s Phillips Curve Looks Like Japan During the past ï¬fteen years Japan has experienced unprecedented, high unemployment rates and low (often negative) inflation rates. This research shows that these outcomes were predictable as part of a stable, readily recognized Phillips curve. JEL codes: E31, E24 Keywords: Phillips curve, Japan I thank Katsumi Shimotsu for helpful comments
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