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Determining Output and Inflation Variability: Are the Phillips Curve and the Monetary Policy Reaction Function Responsible?

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  • Takashi Senda
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    Abstract

    This study analyzes the policy parameters in a Taylor monetary policy reaction function and a Phillips curve equation to determine the variability of inflation and output. The theoretical and empirical investigations yield two key results. First, countries with large parameters in the monetary policy reaction function have low and stable inflation. Second, countries with flatter Phillips curves (i.e., those with a higher degree of price stickiness) have larger output variability. This article also examines the determinants of inflation and output variability as well as determinants of the slope of the Phillips curve.(JEL E32, E52) Copyright 2005, Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/ei/cbi030
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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Economic Inquiry.

    Volume (Year): 43 (2005)
    Issue (Month): 2 (April)
    Pages: 439-453

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    Handle: RePEc:oup:ecinqu:v:43:y:2005:i:2:p:439-453

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    Cited by:
    1. Ciccarone, Giuseppe & Giuli, Francesco & Liberati, Danilo, 2014. "Incomplete interest rate pass-through under credit and labor market frictions," Economic Modelling, Elsevier, vol. 36(C), pages 645-657.
    2. Kishor, N. Kundan & Newiak, Monique, 2009. "The Instability in the Monetary Policy Reaction Function and the Estimation of Monetary Policy Shocks," MPRA Paper 17643, University Library of Munich, Germany.

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