نتایج جستجو برای: keynesian phillips curve

تعداد نتایج: 134001  

2004
Pui Chi Ip

Inflation targeting needs to be supplemented by an economic growth target so that central banks will not adopt monetary policy which results in stagnation. There is no guarantee that the economy will move towards full employment by itself when the inflation rate is kept between two to three per cent. Monetary policy does not have a comparative advantage in achieving price stability. Svensson's ...

2006
George S. Tavlas P. A. V. B. Swamy

A theoretical analysis of the new Keynesian Phillips curve (NKPC) is provided, formulating the conditions under which the NKPC coincides with a real-world relation that is not spurious or misspecified. A time-varying-coefficient (TVC) model, involving only observed variables, is shown to exactly represent the underlying “true” NKPC under certain conditions. In contrast, “hybrid” NKPC models, wh...

2001
Kausik Chaudhuri Jeffrey Sheen

We construct a dynamic panel error correction model of the Australian labour market using macroeconomic data across seven states and 27 years. Using panel cointegration tests, and fully modified OLS estimates, we test 3 competing long run hypotheses: real wage-productivity relation; real wage-marginal disutility relation; and the wage curve hypothesis. We find evidence to prefer the first. The ...

2005
Jeffrey C. Fuhrer

In the conventional view of inflation, the New Keynesian Phillips curve (NKPC) captures most of the persistence in inflation. The sources of persistence are twofold. First, the “driving process” for inflation is quite persistent, and the NKPC implies that inflation must “inherit” this persistence. Second, backward-looking or indexing behavior imparts some “intrinsic” persistence to inflation. T...

2004
Luca Fanelli Christopher Bowdler Søren Johansen David Hendry Keshab Bhattarai Massimo Franchi

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...

Journal: :Social Science Research Network 2021

This paper shows that the change in occupational composition of labor market favour non-routine jobs -i.e. job polarization- flattens price Phillips Curve (PC). Using data from European Monetary Union and exploiting fact polarization accelerates during recessions, we obtain two results. First, countries experiencing a bigger shift structure downturn exhibit flatter PC afterward. Second, shifts ...

2009
Stephane Dees M. Hashem Pesaran Vanessa Smith Ron P. Smith

This paper is concerned with the estimation of New Keynesian Phillips Curves (NKPC) and focusses on two issues: the weak instrument problem and the characterisation of the steady states. It proposes some solutions from a global perspective. Using a global vector autoregressive model (GVAR) steady states are estimated as long-horizon expectations and valid instruments are constructed from the gl...

2001
Peter Flaschel Gang Gong Willi Semmler

In the framework of a Keynesian monetary macro model we study implications of a kinked Phillips-Curve and alternativemonetary policy rules. As alternative monetary policy rules we consider monetary growth targeting and interest rate targeting (the Taylor rule). Our monetary macro model exhibits: asset market clearing, disequilibrium in product and labor markets, sluggish price and quantity adju...

2002
Peter Flaschel Hans-Martin Krolzig

In this paper we introduce a small Keynesian model of economic growth which is centered around two advanced types of Phillips curves, one for money wages and one for prices, both being augmented by perfect myopic foresight and supplemented by a measure of the medium-term inflationary climate updated in an adaptive fashion. The model contains two potentially destabilizing feedback chains, the so...

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