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The empirical test of the output gap-based New Keynesian Phillips curve often has been implemented by estimating a hybrid specification that includes both lagged and future inflation and then by examining whether the estimated coefficient on future inflation is significantly larger than the one...
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In questo lavoro utilizziamo i nuovi dati storici di contabilità nazionale per l'Italia nel periodo 1861-2010, ricostruiti dalla Banca d'Italia e dall'Istat, con la collaborazione dell'Università degli Studi di Roma “Tor Vergata.” La prima parte consiste in uno studio dettagliato delle...
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and has two local maxima. A Bayesian estimation of the model identifies output gap and trend components that match the …
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potential output overestimated) before the recent crisis. It is fair to say that the employed estimation techniques failed to … into account in conventional methods for the estimation of potential output and the output gap. Since both, potential …
Persistent link: https://www.econbiz.de/10013046442
We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a broad panel of 35 countries and controlling for possibly non-linear exchange rate effects. We find that the output gap generally has a significant positive effect on inflation,...
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