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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18036| Title: | The New Keynesian Phillips Curve Tested on OECD Panel Data |
| Keywords: | E12 C23 E31 C52 ddc:330 New Keynesian Phillips curve forward-looking price setting panel data model encompassing New-Keynesian Phillips Curve Schätztheorie Panel OECD-Staaten |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel Kiel Institute for the World Economy (IfW) Kiel |
| Description: | Using a panel data set for OECD countries we replicate the typical features of the New Keynesian Phillips curve models (NPCs) that have been estimated on country data. While this corroborates the NPC also on the macro panel data set, a different conclusion is reached when we test whether the NPC encompasses an existing model of inflation which is without feed-forward terms, but which allows for other adjustment factors than the NPC. We find that the NPC?s expected rate of future inflation and real marginal costs are weak explanatory variables, and that their statistical significance in the typical NPC is due to correlation with the equilibrium correction terms that are implied by the existing inflation model. Our results are in line with the relatively few encompassing studies that exist on country and area data. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18036 |
| Other Identifiers: | Economics: The Open-Access, Open-Assessment E-Journal 2 2008-23 1-18 doi:10.5018/economics-ejournal.ja.2008-23 doi:10.5018/economics-ejournal.ja.2008-23 http://hdl.handle.net/10419/18036 ppn:572548095 http://www.economics-ejournal.org/economics/journalarticles/2008-23 RePEc:zbw:ifweej:7349 |
| Appears in Collections: | EconStor |
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