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Meta-Analysis of the New Keynesian Phillips Curve in Developed and Emerging Economies

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  • Jarko Fidrmuc
  • Katarína Danišková

Abstract

The New Keynesian Phillips Curve (NKPC) has become an inherent part of modern monetary policy models. It is derived from micro-founded models with rational expectations, sticky prices, and forward and backward-looking subjects on the market. Reviewing about 200 studies, we analyze the weight of the forward-looking behavior in the hybrid NKPC by means of meta regression. We show that selected data and method characteristics have significant impact on reported results. Moreover, we find a significant publication bias including publications in top journals, while we document no bias for the most cited studies and the most cited authors.

Suggested Citation

  • Jarko Fidrmuc & Katarína Danišková, 2020. "Meta-Analysis of the New Keynesian Phillips Curve in Developed and Emerging Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(1), pages 10-31, January.
  • Handle: RePEc:mes:emfitr:v:56:y:2020:i:1:p:10-31
    DOI: 10.1080/1540496X.2019.1590700
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