New Keynesian Economics and the Phillips Curve
AbstractModels with sticky prices are an important part of New Keynesian economics. The author shows that several of the New Keynesian models imply a formulation that is similar to the expectations-augmented Phillips curve of Milton Friedman and Edmund Phelps. He then presents new estimates of the New Keynesian Phillips curve. The author uses two proxies for price expectations: survey-based measures and an econometric-based measure originally developed by Bennett McCallum (1976). Overall, the results are consistent with the model but the survey-based results are more precise, suggesting that the surveys may be better measures of actual expectations. Copyright 1995 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 27 (1995)
Issue (Month): 4 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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