Arbeitspapier
How New Keynesian Is the US Phillips Curve?
I provide a generalization of Calvo price setting, to include non-overlapping contracts as a special case and embed this in a small DSGE model. The resulting Generalized Phillips Curve (GPC) nests New-Keynesian and Neoclassical versions. I linearize the model around a potentially non-zero trend inflation rate, and estimate it on US data using Bayesian methods, allowing for Markov switching in the variances of structural shocks. I find that the Phillips curve is 100% New Keynesian. There is no evidence of either forward or backward indexation. I illustrate that trend inflation affects the estimation of the Phillips curve.
- ISBN
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978-82-7553-782-7
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 2013/25
- Classification
-
Wirtschaft
General Aggregative Models: Neoclassical
Price Level; Inflation; Deflation
- Subject
-
Phillips curve
neoclassical
indexation
regime-switching
trend inflation
- Event
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Geistige Schöpfung
- (who)
-
Alstadheim, Ragna
- Event
-
Veröffentlichung
- (who)
-
Norges Bank
- (where)
-
Oslo
- (when)
-
2013
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Alstadheim, Ragna
- Norges Bank
Time of origin
- 2013
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