Abstract: 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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Find related papers by JEL classification: E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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