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The rate of inflation has been termed to be directly proportionate to economic activity, with the increase in economic activity leading to higher levels of inflation. Central Banks have used this relationship to formulate interest rates and understand the inflation–unemployment dynamics in many countries. Dr Adviti Devaguptapu, Assistant Professor from the Department of Economics, has published an interesting study in her paper titled “Phillips Curve in Canada: A Tale of Import Tariff and Global Value Chain”, where she examines the relationship between inflation-economic activity in Canada to better understand the correlation between inflation and unemployment rates.

Abstract

The paper examines the Phillips curve for Canada from June 1976 to October 2022 in a time-varying manner. The findings reveal that the impulse response of inflation to the changes in the unemployment rate gap has reduced over time till 2010 and strengthened thereafter. The response of inflation to the changes in the unemployment rate gap has increased in short and medium horizons after 2010. On further examination, it is found that the changes in both average import tariff and forward participation in the global value chain have reduced the inflation response to the changes in the unemployment rate gap.

Social Implications of the Research

Inflation-targeting central banks should have to put more (less) effort into achieving price stability in the medium run when the change in the level of inflation to the changes in the unemployment rate gap is more (less).

Dr Adviti’s research works towards developing quality-adjusted inflation in India – the need for it and the challenges in recording it.

Link to the article

The Department of Environmental Science and Engineering is thrilled to share the exciting news regarding its upcoming 1st International Conference on Advances in Environmental Sustainability, Energy, and Earth Science (AESEE 2024). The Department of Water Resources, River Development, & Ganga Rejuvenation (DoWR, RD & GR), the Ministry of Jal Shakti, have generously sanctioned Rs. 5 lakhs to support this groundbreaking event.

The International Conference scheduled to take place from March 14 – 16, 2024 aims to explore innovative advancements in science and technology while promoting inclusive growth across various sectors. This collaborative approach between environmentalists and the academic community will ensure a sustainable future.

The financial grant sanctioned in this regard underscores the importance of AESEE 2024 and highlights the commitment of the Department to advancing knowledge in the field. AESEE 2024 promises to facilitate meaningful discussions, bringing together diverse stakeholders to contribute to a more sustainable and interconnected future.

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