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Relative Price Adjustment and the UK Phillips Curve

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  • A. nazif Catik

    ()
    (Ege University)

  • Chris Martin

    ()
    (University of Bath)

Abstract

We 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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File URL: http://www.accessecon.com/Pubs/EB/2010/Volume30/EB-10-V30-I3-P159.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 30 (2010)
Issue (Month): 3 ()
Pages: 1737-1744

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Handle: RePEc:ebl:ecbull:eb-10-00371

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Keywords: New Keynesian Phillips curve; Relative Price Changes; Labour share;

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