Inflation Dynamics in Seven Industrialised Open Economies
AbstractAbstract: The literature on the New Phillips Curve (NPC) started off with an analysis of pricing behaviour in economies that are closed and with price and wage contracts that are either of the Calvo or Taylor-style. In the spirit of the Batini, Jackson and Nickell (2000) here we focus on the open-economy aspects of the NPC and in the spirit of Dotsey, King and Wolman (1999) and Guerrieri (2001) we then analyse the fit of different price contracting specifications. We estimate via Maximum Likelihood 'hybrid' structural pricing equations for seven open-economy industrialised countries for contracts which are either Calvo, Taylor or Time-dependent. We then use autocorrelations and impulse-response functions to determine their ability to fit the data.
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2003 with number 303.
Date of creation: 01 Aug 2003
Date of revision:
inflation dynamics NKPC open economy;
Other versions of this item:
- Nicoletta Batini & Ryan Banerjee, 2004. "Inflation Dynamics in Seven Industrialised Open Economies," Computing in Economics and Finance 2004 116, Society for Computational Economics.
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
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