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Inflation Dynamics in Seven Industrialised Open Economies

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  • Nicoletta Batini
  • Ryan Banerjee

Abstract

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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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2004 with number 116.

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Date of creation: 11 Aug 2004
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Handle: RePEc:sce:scecf4:116

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Keywords: inflation dynamics; open economy; ML estimation; staggered contracts;

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Cited by:
  1. Rolf Scheufele, 2008. "Evaluating the German (New Keynesian) Phillips Curve," IWH Discussion Papers 10, Halle Institute for Economic Research.
  2. Batini, Nicoletta & Justiniano, Alejandro & Levine, Paul & Pearlman, Joseph, 2006. "Robust inflation-forecast-based rules to shield against indeterminacy," Journal of Economic Dynamics and Control, Elsevier, vol. 30(9-10), pages 1491-1526.
  3. Pierre-Richard Agénor & Nihal Bayraktar, 2008. "Contracting Models of the Phillips Curve Empirical Estimates for Middle-Income Countries," Centre for Growth and Business Cycle Research Discussion Paper Series 94, Economics, The Univeristy of Manchester.

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