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Il modello Neo-Keynesiano, politica monetaria e dinamica dell’inflazione. Perché l’inflazione è persistente?

Author

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  • Guido Ascari

    (Università degli Studi di Pavia)

Abstract

In this survey we first briefly present the basic structure and results of the New Keynesian model. We then particularly focus on the implications for inflation dynamics. We will show how considering models with time-varying trend inflation overcomes the initial difficulties of the New Keynesian Phillips Curve to match the empirical persistence of the time series for inflation. Inflation is highly persistent, but much of that persistence is due to shifts in trend inflation.

Suggested Citation

  • Guido Ascari, 2009. "Il modello Neo-Keynesiano, politica monetaria e dinamica dell’inflazione. Perché l’inflazione è persistente?," Rivista di Politica Economica, SIPI Spa, issue 1, pages 23-63, January-M.
    • Handle: RePEc:rpo:ripoec:y:2009:i:1:p:23-63
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    More about this item

    Keywords

    sticky prices; inflation;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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