Relative Price Adjustment and the UK Phillips Curve
AbstractWe find that measures of the distribution of relative price changes are significant when included in a standard model of the UK Phillips curve based on time dependent price adjustment. Since the inclusion of these variables is not implied by this model but is implied by a state-dependent model of price adjustment or by a time-dependent model with allowance for heterogeneity among price-setters, we conclude that the familiar time-dependent model does not provide a complete account of the Phillips curve.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 30 (2010)
Issue (Month): 3 ()
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New Keynesian Phillips curve; Relative Price Changes; Labour share;
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
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