Developed Countries and Economically Developed Countries...

The developed country can be classified also as the advanced country, more developed country (MDC), and more economically developed country (MEDC). Developed country means the country that sovereign state and has a highly growth of economics and modern technological infrastructure compare to the developing country and least developed country. There are several previous studies that have been done on the relationship between inflation rate and unemployment rate in developed country such as by Hogan (United State), Sack’l en (Sweden) and Andrei (Romania). They are done the same research with different method to get same objective. The most of the study is use a VECM method in their research. While, there is a few of the study was used a VAR†¦show more content†¦In the research said that a contractionary monetary shocks will increased the unemployment rate. He was using the Standard dynamic models of price adjustment in the research. Sackl’en and Lundborg (2006), they conduct a research about relationship between inflation rate and unemployment rate to study the low-inflation targeting and long-run unemployment from years 1959 until 2000. They use an ADP model and the United State panel data to conduct this research. As a result when they apply U.S. data, their results strongly rejected the conventional NAIRU model. Berentsen A. et al (2011), they conduct a research using a United State panel data. Their objective to do this research is to study the relationship between monetary policy, as measured by inflation or nominal interest rates, and labor market performance, as measured by unemployment in long run. After conduct the research, they find out that unemployment is have a positively relation to inflation and interest rates in the low-frequency data. Then, they developed a theory in which both labor markets and goods markets are modeled using the search-and-bargaining approach. The framework is tractable and many results, at least for steady states, can be derived simply by shifting curves. Cashiel (2004) has done his research to examine about the relationship between inflation rate and unemployment rate in US. He uses the Phillip Curve model and Nairu model to get a result of hisShow MoreRelatedMore Economically Developed Countries and Less Economically Developed Countries926 Words   |  4 PagesComparison Between MEDC and LEDC The comparisons between MEDC- More Economically Developed Country and LEDC-Less Economically Developed Country are many and varied but are mainly related to finance which gives the MEDC a higher standard of living for its occupants than those of the LEDC. Geographically most MEDC are situated in the northern hemisphere were as the LEDC are mostly in the southern hemisphere. 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