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Eine Verallgemeinerung des skandinavischen Modells der Inflation

Mit einer empirischen Analyse für Österreich

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Summary

The “Scandinavian Model” divides the economy of a small country into two sectors. The exposed sector produces commodities traded on the world market, the sheltered sector produces commodities not traded externally. The E-sector is a price taker, while the price level in the S-sector is set by firms of this sectors. This model developed byO. Aukrust andG. Edgren, K.O. Faxén, C.O. Odhner is generalized by introducing a Phillips relation into the E-sector. The rate of inflation of a small economy thus is influenced by three components: imported inflation, a structural component (due to the Aukrust-EFO-model) and an excess demand component (measured by the rate of unemployment). The model is estimated with OLS and 3SLS (ordinary respectively three stage least squares). The results show that the rate of inflation in Austria during the period 1960–1974 can be fairly well explained by “Phillips curve augmented” Aukrust-EFO-model.

In a final chapter the results of applying the same model to Austria and Sweden are discussed by comparing the respective estimates.

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Literaturverzeichnis

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Authors
  1. Helmut Frisch
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Frisch, H. Eine Verallgemeinerung des skandinavischen Modells der Inflation. Empirica 3, 197–218 (1976). https://doi.org/10.1007/BF00924966

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  • DOI: https://doi.org/10.1007/BF00924966

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