THE NEW KEYNESIAN PHILLIPS CURVE IN A TIME-VARYING COEFFICIENT ENVIRONMENT: SOME EUROPEAN EVIDENCE.
In: Macroeconomic Dynamics, Jg. 13 (2009-04-01), Heft 2, S. 149-166
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Zugriff:
We examine whether the importance of lagged inflation in the New Keynesian Phillips Curve (NKPC) may be a result of specification biases. NKPCs are estimated for four countries: France, Germany, Italy, and the United Kingdom. Using time-varying coefficient (TVC) estimation, a procedure that can deal with possible specification biases, we find support for the NKPC model that excludes lagged inflation. Our results indicate a Phillips-curve relationship for the countries considered that does not contain an inertial element. [ABSTRACT FROM AUTHOR]
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Titel: |
THE NEW KEYNESIAN PHILLIPS CURVE IN A TIME-VARYING COEFFICIENT ENVIRONMENT: SOME EUROPEAN EVIDENCE.
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Autor/in / Beteiligte Person: | Hondroyiannis, George ; Swamy, P.A.V.B. ; Tavlas, George S. |
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Zeitschrift: | Macroeconomic Dynamics, Jg. 13 (2009-04-01), Heft 2, S. 149-166 |
Veröffentlichung: | 2009 |
Medientyp: | academicJournal |
ISSN: | 1365-1005 (print) |
DOI: | 10.1017/S1365100508070478 |
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