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
-
978-82-7553-782-7
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2013/25
- Klassifikation
-
Wirtschaft
General Aggregative Models: Neoclassical
Price Level; Inflation; Deflation
- Thema
-
Phillips curve
neoclassical
indexation
regime-switching
trend inflation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Alstadheim, Ragna
- Ereignis
-
Veröffentlichung
- (wer)
-
Norges Bank
- (wo)
-
Oslo
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Alstadheim, Ragna
- Norges Bank
Entstanden
- 2013
Ähnliche Objekte (12)
Testing the New Keynesian Phillips Curve
The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve
The Phillips Curve and Beyond - Why Has Wage Growth Been so Low?
The inflation rate disconnect puzzle: On the international component of trend inflation and the flattening of the Phillips curve
Estimating New Keynesian Import Price Models
Norwegen, 1 Krone
Norwegen, 1 Krone
Background Information, Annual Address 2012
Strategy Report - The Norwegian Government Pension Fund - Global
Dokumentasjon av enkelte beregninger til årstalen 2012
Strategirapport for petroleumsfondet (Fra 1.1.2006 Statens pensjonsfond - Utland)
Long-Term Outlook for Fixed Income and Equity Return
Testing the New Keynesian Phillips Curve
The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve
The Phillips Curve and Beyond - Why Has Wage Growth Been so Low?
The inflation rate disconnect puzzle: On the international component of trend inflation and the flattening of the Phillips curve
Estimating New Keynesian Import Price Models
Norwegen, 1 Krone
Norwegen, 1 Krone
Background Information, Annual Address 2012
Strategy Report - The Norwegian Government Pension Fund - Global
Dokumentasjon av enkelte beregninger til årstalen 2012
Strategirapport for petroleumsfondet (Fra 1.1.2006 Statens pensjonsfond - Utland)
Long-Term Outlook for Fixed Income and Equity Return
Testing the New Keynesian Phillips Curve
The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve
The Phillips Curve and Beyond - Why Has Wage Growth Been so Low?
The inflation rate disconnect puzzle: On the international component of trend inflation and the flattening of the Phillips curve
Estimating New Keynesian Import Price Models
Norwegen, 1 Krone
Norwegen, 1 Krone
Background Information, Annual Address 2012
Strategy Report - The Norwegian Government Pension Fund - Global
Dokumentasjon av enkelte beregninger til årstalen 2012
Strategirapport for petroleumsfondet (Fra 1.1.2006 Statens pensjonsfond - Utland)