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Scheibe, Jörg; Vines, David - C.E.P.R. Discussion Papers - 2005

This paper models Chinese inflation using an output gap Phillips curve. Inflation modelling for the world’s sixth largest economy is a still under-researched topic. We estimate a partially forward-looking Phillips curve as well as traditional backward-looking Phillips curves. Using quarterly...

Persistent link: https://www.econbiz.de/10005656372

What drives inflation in New Keynesian models?

Matthes, Christian; Wang, Mu-Chun - In: Economics Letters 114 (2012) 3, pp. 338-342

This paper estimates variants of a small-scale New Keynesian model using observations on inflation, inflation expectations and nominal interest rates. We ask whether those variables alone can tell us something about the time series properties of real marginal costs.

Persistent link: https://www.econbiz.de/10010572234

How flexible are real wages in EU countries? A panel investigation

Rusinova, Desislava; Lipatov, Vilen; Heinz, Frigyes … - In: Journal of Macroeconomics 43 (2015) C, pp. 140-154

We estimate the degree of real wage flexibility in 19 EU countries in a wage Phillips curve panel framework. We find evidence for a reaction of wage growth to unemployment and productivity growth. The degree of real wage flexibility tends to be larger in the central and eastern European (CEE)...

Persistent link: https://www.econbiz.de/10011194164

Inflation Dynamics in Turkey : In Pursuit of a Domestic Cost Measure

Andic, Selen Baser; Kucuk, Hande; Ogunc, Fethi - Türkiye Cumhuriyet Merkez Bankası - 2014

We provide Bayesian estimates of an empirical model of consumer price inflation for Turkey based on the hybrid New Keynesian Phillips Curve. We decompose real marginal costs into domestic and foreign components and focus particularly on identifying the effect of the domestic component. We find...

Persistent link: https://www.econbiz.de/10010941446

Derivation and Estimation of a Phillips Curve with Sticky Prices and Sticky Information

Arslan, Mesut Murat - Volkswirtschaftliche Fakultät, … - 2005

I develop a structural model of inflation by combining two different models of price setting behavior: the sticky price model of the New Keynesian literature and the sticky information model of Mankiw and Reis. In a framework similar to the Calvo model, I assume that there are two types of...

Persistent link: https://www.econbiz.de/10005789618

Phillips Curve for Advanced Economies on Period 1996-2007 - United States and Euro Area Case

Manuel, Eduardo - Volkswirtschaftliche Fakultät, … - 2006

This paper explains and shows us the Phillips Curve for advanced economies on period 1996-2007 for specially for the United States and Euro area case. The informations for 2006 and 2007 was considered being in attention the forecasting of International Monetary Fund (IMF) for these years. We...

Persistent link: https://www.econbiz.de/10005837539

The Phillips Curve and the Tyranny of an Assumed Unique Macro Equilibrium

Lipsey, Richard G. - Department of Economics, Simon Fraser University - 2013

which there is a unique ergodic macro equilibrium, the paper starts by reviewing both the early Keynesian theory in which …, which introduced into current macro theory a natural rate of unemployment (and its associated equilibrium level of national … inconsistent with the existence of either a unique natural rate or a NAIRU but is consistent with evolutionary theory in which …

Persistent link: https://www.econbiz.de/10010701770

Price Dynamics and Production Lags.

Lindbeck, A.; Snower, D.J. - Institutet för Näringslivsforskning (IFN) - 1996

The paper shows how prolonged price inertia can arise in a macroeconomic system in which there are temporary price rigidities as well as production lags in the use of intermediate goods. In this context, changes in production demand-generated, say, by changes in the money supply - have...

Persistent link: https://www.econbiz.de/10005486489

Inflation in the Great Recession and New Keynesian Models

Negro, Marco Del; Giannoni, Marc P.; Schorfheide, Frank - In: American Economic Journal: Macroeconomics 7 (2015) 1, pp. 168-96

Several prominent economists have argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession. We challenge this argument by showing that a standard DSGE model with financial frictions available prior...

Persistent link: https://www.econbiz.de/10011107231

Understanding the Great Recession

Christiano, Lawrence J.; Eichenbaum, Martin S.; … - In: American Economic Journal: Macroeconomics 7 (2015) 1, pp. 110-67

We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal...

Persistent link: https://www.econbiz.de/10011107232