Testing the New Keynesian Phillips Curve Through Vector Autoregressive Models: Results from the Euro Area
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چکیده
منابع مشابه
Testing the New Keynesian Phillips curve through Vector Autoregressive models: Results from the Euro area
This paper addresses the issue of testing the ‘hybrid’ New Keynesian Phillips Curve (NKPC) through Vector Autoregressive (VAR) systems and likelihood methods, giving special emphasis to the case where the variables are non-stationary. The idea is to use a VAR for both the inflation rate and the explanatory variable(s) to approximate the dynamics of the system and derive testable restrictions. A...
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In this paper an open economy model of the New Keynesian Phillips Curve incorporating three different factors of production, domestic labor and imported as well as domestically produced intermediate goods, is developed and estimated for 9 euro area countries and the euro area aggregate. This general model nests existing closed economy and open economy models as special cases. We find that struc...
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knowledge of the relationship between two phenomena (inflation and unemployment) is crucial to any economic and political decision-making process. an investigation of this relationship helps economists and policy-makers to be aware of the economy’s performance. in the present research, new-keynesians’ philips hybrid curve has been derived by using the pricing models and the assumption of price ...
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ژورنال
عنوان ژورنال: Oxford Bulletin of Economics and Statistics
سال: 2007
ISSN: 0305-9049,1468-0084
DOI: 10.1111/j.1468-0084.2007.00490.x