Monetary Policy and the Hybrid Phillips Curve

This paper argues that existing empirical models of interest rate rules are too simplistic. The hybrid Phillips curve implies that policymakers should respond to both current and expected future inflation rates, in contrast to existing models. We provide evidence that UK policymakers do this.

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Year of publication:	2007-09
Authors:	Martin, Christopher ; Milas, Costas
Institutions:	Centre for Economic Research, School of Economics and Management Studies
Subject:	Optimal monetary policy \| inflation persistence \| Phillips curve

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Extent:	application/pdf
Series:	Keele Economics Research Papers. - ISSN 1740-231X.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Keele Economics Research Papers Number KERP 2007/12 9 pages
Classification:	C51 - Model Construction and Estimation ; C52 - Model Evaluation and Testing ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005416684