The New Keynesian Phillips Curve and staggered price and wage determination in a model with firm-specific labor
نویسندگان
چکیده
منابع مشابه
Firm-Specific Capital and the New-Keynesian Phillips Curve
* I would like to thank Lutz Weinke for calling my attention to a mistake in my previous analysis of this model, Larry Christiano for helpful discussions, and Mauro Roca for research assistance.
متن کاملIdentifying the New Keynesian Phillips Curve
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 کاملThe Wage Curve and the Phillips Curve
Blanchflower and Oswald (1994) have argued that, in regional data, the level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical support for the expectations-aug...
متن کاملTesting an Alternative Price-Setting Behavior in New Keynesian Phillips Curve: Extrapolative Price-Setting Mechanism
Hybrid New Keynesian Phillips curve (NKPC) has been widely used in monetary policy literature (e.g. Gali and Gertler, 1999) as it contains both forward-looking and backward-looking components and therefore fits the data well. A typical backward-looking part of price setting behavior assumes that firms use the previous period’s price. In this paper, we propose a generalized version of the hybrid...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2011
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2010.12.005