This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Is the New Keynesian Phillips curve flat? Author info | Abstract | Publisher info | Download info | Related research | Statistics Kuester, Keith
Müller, Gernot J.
Stölting, Sarah
Additional information is available for the following
registered author(s):
This paper provides Monte Carlo evidence that GMM estimates of the New Keynesian Phillips curve are biased towards finding too much price rigidity if cost-push shocks are auto-correlated. This result may reconcile GMM estimates with the microevidence on price rigidities.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by Elsevier in its journal Economics Letters .
Volume (Year): 103 (2009)
Issue (Month): 1 (April)
Pages: 39-41
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:eee:ecolet:v:103:y:2009:i:1:p:39-41Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet
For technical questions regarding this item, or to correct its listing, contact: (Heidi Boesdal).
Keywords: Price rigidities New Keynesian Phillips curve Cost-push shocks GMM estimation ; Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Mark Bils & Peter J. Klenow, 2004.
"Some Evidence on the Importance of Sticky Prices ,"
Journal of Political Economy ,
University of Chicago Press, vol. 112(5), pages 947-985, October.
Other versions: Mavroeidis, Sophocles, 2005.
"Identification Issues in Forward-Looking Models Estimated by GMM, with an Application to the Phillips Curve ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 37(3), pages 421-48, June.
Emi Nakamura & Jón Steinsson, 2008.
"Five Facts about Prices: A Reevaluation of Menu Cost Models ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 123(4), pages 1415-1464, November.
[Downloadable!] (restricted)
Gali, Jordi & Gertler, Mark & David Lopez-Salido, J., 2005.
"Robustness of the estimates of the hybrid New Keynesian Phillips curve ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(6), pages 1107-1118, September.
[Downloadable!] (restricted)
Other versions: Martin Eichenbaum & Jonas D.M. Fisher, 2004.
"Evaluating the Calvo Model of Sticky Prices ,"
NBER Working Papers
10617, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Sbordone, Argia M., 2005.
"Do expected future marginal costs drive inflation dynamics? ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(6), pages 1183-1197, September.
[Downloadable!] (restricted)
Other versions: Rabanal, Pau & Rubio-Ramirez, Juan F., 2005.
"Comparing New Keynesian models of the business cycle: A Bayesian approach ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(6), pages 1151-1166, September.
[Downloadable!] (restricted)
Sbordone, Argia M., 2002.
"Prices and unit labor costs: a new test of price stickiness ,"
Journal of Monetary Economics ,
Elsevier, vol. 49(2), pages 265-292, March.
[Downloadable!] (restricted)
Other versions:
Argia M. Sbordone, 2001.
"Prices and Unit Labor Costs: A New Test of Price Stickiness ,"
Departmental Working Papers
200112, Rutgers University, Department of Economics.
[Downloadable!] Argia M. Sbordone, 2001.
"Prices and Unit Labor Costs: A New Test of Price Stickiness ,"
Departmental Working Papers
199822, Rutgers University, Department of Economics.
[Downloadable!] Sbordone, Argia, 1998.
"Prices and Unit Labour Costs: A New Test of Price Stickiness ,"
Seminar Papers
653, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Sbordone, A.M., 1998.
"Prices and Unit Labor Costs: a New Test of Price Stickiness ,"
Papers
653, Stockholm - International Economic Studies.
Batini, Nicoletta & Jackson, Brian & Nickell, Stephen, 2005.
"An open-economy new Keynesian Phillips curve for the U.K ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(6), pages 1061-1071, September.
[Downloadable!] (restricted)
Frank Smets & Raf Wouters, 2003.
"An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area ,"
Journal of the European Economic Association ,
MIT Press, vol. 1(5), pages 1123-1175, 09.
[Downloadable!] (restricted)
Other versions: Stock, James H & Wright, Jonathan H & Yogo, Motohiro, 2002.
"A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments ,"
Journal of Business & Economic Statistics ,
American Statistical Association, vol. 20(4), pages 518-29, October.
Gali, Jordi & Gertler, Mark & Lopez-Salido, J. David, 2001.
"European inflation dynamics ,"
European Economic Review ,
Elsevier, vol. 45(7), pages 1237-1270.
[Downloadable!] (restricted)
Other versions:
Jordi Galí & Mark Gertler & J. David López-Salido, 2000.
"European Inflation Dynamics ,"
Banco de España Working Papers
0020, Banco de España.
Jordi Gali & Mark Gertler & J. David Lopez-Salido, 2001.
"European Inflation Dynamics ,"
NBER Working Papers
8218, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Galí, Jordi & Gertler, Mark & López-Salido, J David, 2001.
"European Inflation Dynamics ,"
CEPR Discussion Papers
2684, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Sophocles Mavroeidis, 2004.
"Weak Identification of Forward-looking Models in Monetary Economics ,"
Oxford Bulletin of Economics and Statistics ,
Department of Economics, University of Oxford, vol. 66(s1), pages 609-635, 09.
[Downloadable!] (restricted)
Cogley, Timothy & Nason, James M, 1995.
"Output Dynamics in Real-Business-Cycle Models ,"
American Economic Review ,
American Economic Association, vol. 85(3), pages 492-511, June.
[Downloadable!] (restricted)
Other versions: Patrick J. Kehoe, 2006.
"How to advance theory with structural VARs: use the Sims-Cogley-Nason approach ,"
Staff Report
379, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Other versions: Bartosz Mackowiak & Mirko Wiederholt, 2004.
"Optimal Sticky Prices under Rational Inattention ,"
SFB 649 Discussion Papers
SFB649DP2005-040, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany, revised Jul 2005.
[Downloadable!]
Other versions:
Bartosz Maćkowiak & Mirko Wiederholt, 2009.
"Optimal sticky prices under rational inattention ,"
Working Paper Series
1009, European Central Bank.
[Downloadable!] Mackowiak, Bartosz Adam & Wiederholt, Mirko, 2007.
"Optimal Sticky Prices under Rational Inattention ,"
CEPR Discussion Papers
6243, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Mirko Wiederholt & Bartosz Mackowiak, 2005.
"Optimal Sticky Prices under Rational Inattention ,"
2005 Meeting Papers
369, Society for Economic Dynamics.
[Downloadable!] Bartosz Mackowiak & Mirko Wiederholt, 2009.
"Optimal Sticky Prices under Rational Inattention ,"
American Economic Review ,
American Economic Association, vol. 99(3), pages 769-803, June.
[Downloadable!] Linde, Jesper, 2005.
"Estimating New-Keynesian Phillips curves: A full information maximum likelihood approach ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(6), pages 1135-1149, September.
[Downloadable!] (restricted)
Other versions: Kurmann, Andre, 2005.
"Quantifying the uncertainty about the fit of a new Keynesian pricing model ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(6), pages 1119-1134, September.
[Downloadable!] (restricted)
Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy ,"
Journal of Political Economy ,
University of Chicago Press, vol. 113(1), pages 1-45, February.
Other versions:
Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy ,"
NBER Working Papers
8403, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Working Paper Series
WP-01-08, Federal Reserve Bank of Chicago.
[Downloadable!] Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Working Paper
0107, Federal Reserve Bank of Cleveland.
[Downloadable!] Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Proceedings ,
Federal Reserve Bank of San Francisco, issue Jun.
[Downloadable!]
Full
references
Access and
download statistics Did you know? About five million pdf files are downloaded through RePEc every year.
This page was last updated on 2009-12-12.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .