Regional Economics: Theory and Practice

The influence of the Phillips curve macroeconomic indicators on economic growth: Regulation, measures, limits, opportunities at the present stage

Vol. 15, Iss. 10, OCTOBER 2017

Received: 10 April 2017

Received in revised form: 7 August 2017

Accepted: 21 August 2017

Available online: 16 October 2017


JEL Classification: E2, E24, G28, O3, O4

Pages: 1868–1893

Shevchenko I.V. Kuban State University, Krasnodar, Russian Federation

Korobeinikova M.S. Kuban State University, Krasnodar, Russian Federation

Importance The article analyzes the impact of the Phillips curve macroeconomic indicators on economic growth.
Objectives The article aims to examine the theoretical limits of the Phillips curve and show actual macroeconomic indicators in the current phase affecting the socio-economic development, and also show that reducing inflation by optimizing production, costs and unemployment in the recession yields short-term economic growth. As well, the article aims to identify and propose measures and activities that contribute to real economic growth.
Methods For the study, we used a method of expert estimation.
Results The article proposes a number of new institutions to promote the regional economy in the world. It identifies the theoretical limits of the Phillips curve during the stagflation period. The paper formulates new opportunities to reduce inflation-unemployment in each particular region, with certain lags and conditions, and it presents the New Concept of National Market Development and Geoeconomic Map.
Conclusions and Relevance We come to a conclusion that the mirror reflection of the Phillips curve (in stagflation), i.e. the simultaneous reduction of inflation and unemployment through increased production and general employment of the population, gives rise to real economic growth. The activities proposed will allow regions, Russian subjects to improve socio-economic processes.

Keywords: economic growth, Phillips curve, inflation, unemployment, financial policy, national market


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October 2018