Krzywe Phillipsa w krajach Grupy Wyszehradzkiej
Phillips curves in the Visegrad Group countries

Summary/Abstract: The article analyzes the relationship between inflation and unemployment in the Visegrad Group countries (Poland, the Czech Republic, Hungary and Slovakia) between 1997 and 2016. For this purpose, graphs of the so-called Phillips curves were plotted. On this basis, it was found that the classic version of the negatively inclined Phillips curve was partially confirmed solely in the Czech Republic. In the case of Poland and Hungary, this type of relationship occurred only in some sub-periods. Against this background, the case of Slovakia was clearly different, where the direction of changes in inflation and unemployment was generally identical. Hence, this is completely contrary to the classic short-term Phillips curve. Nevertheless, it also finds its place in contemporary economic theory, emphasizing that for the labor market the grease effect may be weaker than the sand effect.

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