An Estimated New Keynesian Phillips Curve for Colombia, 1996-2006
AbstractThis paper seeks to verify empirically the existence of a New Keynesian Phillips curve for the Colombian economy. This allows determining if inflation dynamics are likely explained by microeconomic foundations. Additionally, this approach enables the analysis of price rigidities in the economy. The results suggest that: (1) unit labor costs explain inflation dynamics; (2) eighty percent of firms set their prices every five quarters; and, (3) productivity changes explain marginal costs.
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Bibliographic InfoArticle provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.
Volume (Year): (2010)
Issue (Month): 73 ()
Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
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