Author: Borek Vasicek
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Inflation Dynamics and the New Keynesian Phillips Curve in EU-4
Author: Borek Vasicek
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
European Inflation Dynamics
Author: Jordi Galí
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 50
Book Description
We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe.
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 50
Book Description
We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe.
The New Keynesian Phillips Curve in Europe
Author: Peter Tillmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
Book Description
The canonical New Keynesian model specifies inflation.
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
Book Description
The canonical New Keynesian model specifies inflation.
Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries
Author: Fabio Rumler
Publisher:
ISBN:
Category : European Union countries
Languages : en
Pages : 56
Book Description
Publisher:
ISBN:
Category : European Union countries
Languages : en
Pages : 56
Book Description
Understanding Inflation and the Implications for Monetary Policy
Author: Jeff Fuhrer
Publisher: MIT Press
ISBN: 026225820X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson
Publisher: MIT Press
ISBN: 026225820X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson
Notes on the Inflation Dynamics of the New Keynesian Phillips Curve
Author: Andreas Hornstein
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 14
Book Description
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 14
Book Description
The Role of Expectations in Euro Area Inflation Dynamics
Author: Maritta Paloviita
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 100
Book Description
Tiivistelmä.
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 100
Book Description
Tiivistelmä.
Inflation Dynamics and the New Keynesian Phillips Curve
Author: Khalirendwe Ranenyeni
Publisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 46
Book Description
Publisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 46
Book Description
Inflation Dynamics and the New Keynesian Phillips Curve
Author: Jean-Marie Dufour
Publisher: Montréal : CIRANO
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 23
Book Description
"The authors use identification-robust methods to assess the empirical adequacy of a New Keynesian Phillips curve (NKPC) equation. They focus on Gal ̕and Gertler's (1999) specification, for both U.S. and Canadian data. Two variants of the model are studied: one based on a rational-expectations assumption, and a modification to the latter that uses survey data on inflation expectations. The results based on these two specifications exhibit sharp differences concerning: (i) identification difficulties, (ii) backward-looking behaviour, and (iii) the frequency of price adjustment. Overall, the authors find that there is some support for the hybrid NKPC for the United States, whereas the model is not suited to Canada. Their findings underscore the need for employing identification-robust inference methods in the estimation of expectations-based dynamic macroeconomic relations."--Abstract from website.
Publisher: Montréal : CIRANO
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 23
Book Description
"The authors use identification-robust methods to assess the empirical adequacy of a New Keynesian Phillips curve (NKPC) equation. They focus on Gal ̕and Gertler's (1999) specification, for both U.S. and Canadian data. Two variants of the model are studied: one based on a rational-expectations assumption, and a modification to the latter that uses survey data on inflation expectations. The results based on these two specifications exhibit sharp differences concerning: (i) identification difficulties, (ii) backward-looking behaviour, and (iii) the frequency of price adjustment. Overall, the authors find that there is some support for the hybrid NKPC for the United States, whereas the model is not suited to Canada. Their findings underscore the need for employing identification-robust inference methods in the estimation of expectations-based dynamic macroeconomic relations."--Abstract from website.
Inflation Dynamics and the New Keynesian Phillips Curve
Author: Jean-Marie Dufour
Publisher:
ISBN: 9782893825168
Category : Econometrics
Languages : en
Pages : 0
Book Description
Publisher:
ISBN: 9782893825168
Category : Econometrics
Languages : en
Pages : 0
Book Description