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Robust Estimates of the New Keynesian Phillips Curve

Levine, P, Martins, L and Gabriel, V Robust Estimates of the New Keynesian Phillips Curve .

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In this paper, we examine the hybrid specification of the New Keynesian Phillips Curve (NKPC) proposed by Gali and Gertler (1999) by employing recently developed momentconditions inference procedures. These methods provide a more efficient and reliable econometric framework for the analysis of the NKPC. In particular, we address the issue of parameter identification, providing robust estimates and confidence sets for the model’s parameters. Our results show that the NKPC remains a valid and reliable empirical tool to explain inflation dynamics.

Item Type: Other
Divisions : Surrey research (other units)
Authors :
Martins, L
Gabriel, V
Uncontrolled Keywords : C22, E31, E32, price regulation, commitment problem, ratchet effect, under-investment
Depositing User : Symplectic Elements
Date Deposited : 16 May 2017 15:14
Last Modified : 23 Jan 2020 10:26

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