New Keynesian Phillips Curve Estimation: The Case of Hungary (1981–2006)

Artikel

This paper investigates for the presence of a New Keynesian Phillips (NKPC) curve in Hungary in the period 1981:3–2006:2. The empirical model we test features forward-looking firms who pre-set prices for a couple of periods ahead, using Calvo (1983) pricing rule.We also estimate a hybrid version of NKPC, where some of the firms are backward looking, and others are forward-looking in their price-setting behaviour. Real marginal costs and forward-looking behaviour are statistically significant and quantitatively important in the nkpc.However, there are some econometric issues to be considered, such as the weak identification of the parameters of the structural NKPC as well as those of the hybrid NKPC.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Managing Global Transitions ; ISSN: 1854-6935 ; Volume: 13 ; Year: 2015 ; Issue: 4 ; Pages: 355-367 ; Koper: University of Primorska, Faculty of Management Koper

Classification and Topics

• Classification: Wirtschaft ; Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
• Subject: New Keynesian Phillips curve ; Hungary ; instrumental non-linear gmm Estimation, ; weak identification

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Vasilev, Aleksandar
• Event: Veröffentlichung
• (who): University of Primorska, Faculty of Management Koper
• (where): Koper
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/142149
• Last update: 10.03.2025, 11:42 AM CET