01800cas a2200253 a 4500 AALejournalIMF000280 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451853421 1018-5941 BD-DhAAL BD-DhAAL Laxton, Douglas. Is the Phillips Curve Really a Curve? : Some Evidence for Canada, the United Kingdom, and the United States / Douglas Laxton, Guy Debelle. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment. Mode of access: Internet Debelle, Guy. IMF Working Papers; Working Paper ; No. 1996/111 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/111/001.1996.issue-111-en.xml IMF e-Library