Inflation Dynamics in a New Keynesian Model
Abstract
A New Keynesian model is used to derive a relationship between current and expected future inflation taking into account future inflationary pressure. This relationship is employed to examine inflationary dynamics resulting from real disturbances to the economy. Positive current inflationary pressure can be associated with either rising or falling inflation--a phenomenon which has received little attention to date. A data-based model of the UK is used to provide further evidence on the nature of the response of inflation to real disturbances and to quantify the importance of inertia in goods and labour markets. Copyright 2000 by Blackwell Publishers Ltd and The Victoria University of ManchesterDownload Info
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Bibliographic Info
Article provided by University of Manchester in its journal Manchester School.
Volume (Year): 68 (2000)
Issue (Month): 1 (January)
Pages: 92-112
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Clark, Peter B. & Goodhart, Charles A. E. & Huang, Haizhou, 1999.
"Optimal monetary policy rules in a rational expectations model of the Phillips curve,"
Journal of Monetary Economics,
Elsevier, vol. 43(2), pages 497-520, April.
- Haizhou Huang & Peter B Clark & Charles Goodhart, 1996. "Optimal Monetary Policy Rules in a Rational Expectations Model of the Phillips Curve," FMG Discussion Papers dp247, Financial Markets Group.
- Darby, Julia & Ireland, Jonathan & Leith, Campbell & Wren-Lewis, Simon, 1998. "COMPACT: a rational expectations, intertemporal model of the United Kingdom economy," Economic Modelling, Elsevier, vol. 16(1), pages 1-52, January.
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