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A Multimarket Approach for Estimating a New Keynesian Phillips Curve

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  • Juan de Dios Tena

    ()
    (Departamento de Estadística, Universidad Carlos III, Madrid, España.)

  • Jorge Dresdner

    ()
    (Departamento de Economía, Universidad de Concepción)

  • Iván Araya

    ()
    (Departamento de Economía, Universidad de Concepción)

Abstract

We propose a new approach for estimating a “hybrid” New Keynesian Phillips Curve (NKPC)that includes demand pressures coming from disequilibrium relations in three differentmarkets: (1) monetary and financial, (2) international, and (3) labour. The results of theapplication of this approach show that all three markets contribute to the evolution of inflation. However, shocks on equilibrium in the labour market and short-run movements in cyclical output are relatively more important than other shocks. Econometric tests indicate that this specification is superior to the traditional NKPC, which includes a single variable to account for demand pressures.

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Bibliographic Info

Paper provided by Departamento de Economía, Universidad de Concepción in its series Working Papers with number 02-2009.

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Date of creation: 2009
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Handle: RePEc:cnc:wpaper:02-2009

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Web page: http://economia.udec.cl
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Keywords: New Keynesian Phillips Curve; Cointegration; Monetary Policy.;

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