A Non-Causal Autoregression Based Estimation of the New Keynesian Phillips Curve for the Turkish Economy
نویسندگان
چکیده
منابع مشابه
The ‘ New Keynesian ’ Phillips curve : closed economy versus open economy
The paper extends Woodford’s [Optimizing models with nominal rigidities, Chapter 3 of Interest and prices: foundations of a theory of monetary policy, Princeton University, 2000; unpublished manuscript] analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital m...
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Phillips curves are central to discussions of inflation dynamics and monetary policy. New Keynesian Phillips curves describe how past inflation, expected future inflation, and a measure of real marginal cost or an output gap drive the current inflation rate. This paper studies the (potential) weak identification of these curves under generalized methods of moments (GMM) and traces this syndrome...
متن کاملIntroduction to the New Keynesian Phillips Curve
I n most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve. The Phillips curve is sometimes viewed as a menu for monetary policymakers, that is, they can choose between high inflation and low unempl...
متن کاملEvaluating the New Keynesian Phillips Curve under VAR-based Learning
This paper proposes an econometric evaluation of the New Keynesian Phillips Curve (NKPC) in the euro area, under a particular specification of the adaptive learning hypothesis. The key assumption is that agents’ perceived law of motion is a Vector Autoregressive (VAR) model, whose coefficients are updated by maximum likelihood estimation as the information set increases over time. Each time new...
متن کاملEstimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries ∗ †
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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ژورنال
عنوان ژورنال: İktisat İşletme ve Finans
سال: 2014
ISSN: 1308-4658,1300-610X
DOI: 10.3848/iif.2014.342.4183