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Nový Keynesovský model inflace a jeho empirické ověření
[New-Keynesian model of inflation and its empirical verification]

Author

Listed:
  • Josef Arlt
  • Miroslav Plašil
  • Richard Horský

Abstract

New concepts have been presented in modelling of inflation dynamics recently, among others the New Keynesian Phillips curve (NKPC). There are several traditional ways of NKPC model validity testing, but none of them seems to be practically applicable in conditions of the Czech Republic. We tried to test the validity of the NKPC model by the untraditional method proposed by Demery and Duck (2002). This method does not rely on direct estimation of NKPC parameters, but relatively easy tests based on the cointegration analysis of time series are employed. Its application indicates that the NKPC model cannot be considered as effective in conditions of the Czech Republic; this model does not describe the inflation process sufficiently and it is not a suitable model for inflation prediction or for the choice of appropriate monetary (anti-inflation) policy.

Suggested Citation

  • Josef Arlt & Miroslav Plašil & Richard Horský, 2005. "Nový Keynesovský model inflace a jeho empirické ověření
    [New-Keynesian model of inflation and its empirical verification]
    ," Politická ekonomie, University of Economics, Prague, vol. 2005(1).
  • Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:1:id:497
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    Cited by:

    1. Borek Vašícek, 2011. "Inflation Dynamics and the New Keynesian Phillips Curve in Four Central European Countries," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 47(5), pages 71-100, September.

    More about this item

    Keywords

    inflation; time series; model; New-Keynesian Phillips curve; cointegration analysis;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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