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Output, Inflation and the New Keynesian Phillips Curve Author info | Abstract | Publisher info | Download info | Related research | Statistics Jagjit Chadha
Charles Nolan
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Explicit modelling of factor markets clarifies two fundamental aspects of the New Keynesian Phillips Curve (NKPC). First, we clarify the relationship between output and marginal cost. Second, for the NKPC in inflation-output space, we identify the key stochastic influences on inflation without recourse to ad hoc cost or excess demand shocks. The econometric implementation of this clarified NKPC, which evolves strictly according news on the stream of future marginal costs, allows us jointly to derive inflation as a forecast of future variables. Our approach clarifies the empirical successes and failures of the NKPC and allows us to provide new aggregate evidence on the degree of price rigidity in the UK economy.
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Article provided by Taylor and Francis Journals in its journal International Review of Applied Economics .
Volume (Year): 18 (2004)
Issue (Month): 3 (July)
Pages: 271-287
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Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:271-287Contact details of provider: Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=102219
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Keywords: Inflation ; Phillips Curve ; Marginal Cost ; Output Gap ; Factor Markets ; Price Stickiness ; Other versions of this item:
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references Cited by : (explanations , 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.)
Jesús Antonio Bejarano Rojas, 2005.
"Estimación Estructural Y Análisis De La Curva De Phillips Neokeynesiana Para Colombia ,"
ENSAYOS SOBRE POLÍTICA ECONÓMICA ,
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Chadha, J.S. & Nolan, C., 2003.
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