Showing 1 - 10 of 32,700
The ability of the New Keynesian Phillips curve to explain US inflation dynamics when official central bank forecasts (Greenbook forecasts) are used as a proxy for inflation expectations is examined. The New Keynesian Phillips curve is estimated on quarterly data spanning the period...
Persistent link: https://www.econbiz.de/10005523517
This paper analyzes the joint dynamics of two key macroeconomic variables for the conduct of monetary policy: inflation and the aggregate capacity utilization rate. An econometric procedure useful for estimating dynamic rational expectation models with unobserved components is developed and...
Persistent link: https://www.econbiz.de/10005572146
In this paper we study 2-state Markov switching VAR models of monthly unemployment and inflation for three countries: Sweden, United Kingdom, and the United States. The primary purpose is to examine if periods of low inflation are associated with high or low unemployment volatility. We find that...
Persistent link: https://www.econbiz.de/10005649038
-looking behavior is robust according to GGL. We assess the NPC on a panel data set from OECD countries and find that the forward rate … of inflation dominates also on the panel data set. However, when variables consistent with alternative inflation models … the OECD panel data NPC is in alignment with a previous encompassing test on euro-area data, as well as tests on data from …
Persistent link: https://www.econbiz.de/10004980635
Using a panel data set for OECD countries we replicate the typical features of the New Keynesian Phillips curve models … (NPCs) that have been estimated on country data. While this corroborates the NPC also on the macro panel data set, a …
Persistent link: https://www.econbiz.de/10005083019
definitions and choice of data samples. In an estimation on panel data from OECD countries we replicate the typical empirical NPC …
Persistent link: https://www.econbiz.de/10005059042
A sizeable literature examines exchange rate pass-through to disaggregated import prices but very few micro-studies focus on consumer prices. This paper explores exchange rate pass-through to consumer prices in South Africa during 2002-2007, using a unique data set of highly disaggregated data...
Persistent link: https://www.econbiz.de/10011084277
We give an appraisal of the New Keynesian Phillips curve (NPC) as an empirical model of European inflation. We show that existing evidence reported in favour of the NPC on Euro-area and country data is due to a corroborative research strategy. In particular, goodness-of-fit is a weak criterion,...
Persistent link: https://www.econbiz.de/10005764074
Three classes of inflation models are discussed: Standard Phillips curves, New Keynesian Phillips curves and Incomplete Competition models. Their relative merits in explaining and forecasting inflation are investigated theoretically and empirically. We establish that Standard Phillips-curve...
Persistent link: https://www.econbiz.de/10005764088
Inflation is a far from homogeneous phenomenon, a fact often neglected in modelling consumer price inflation. This study, the first of its kind for an emerging market country, investigates gains to inflation forecast accuracy by aggregating weighted forecasts of the sub-component price indices,...
Persistent link: https://www.econbiz.de/10008553067