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Monetary Policy Shifts and Inflation Dynamics

In: The Travails of the Eurozone

Author

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  • Paolo Surico

Abstract

The New Keynesian Phillips Curve (NKPC) has recently become the building block of many monetary policy models. This relation plays a central role in understanding aggregate fluctuations and quantifying the transmission mechanism of monetary policy. Most of the success of the NKPC hinges on the fact that it is derived from first principles, thereby implying that its estimates survive the Lucas (1976) critique.

Suggested Citation

  • Paolo Surico, 2007. "Monetary Policy Shifts and Inflation Dynamics," Palgrave Macmillan Books, in: David Cobham (ed.), The Travails of the Eurozone, chapter 3, pages 42-66, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80147-9_3
    DOI: 10.1057/9780230801479_3
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    2. Riccardo DiCecio & Edward Nelson, 2010. "Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model," NBER Chapters, in: Europe and the Euro, pages 415-439, National Bureau of Economic Research, Inc.
    3. Castelnuovo, Efrem, 2010. "Trend inflation and macroeconomic volatilities in the post-WWII U.S. economy," The North American Journal of Economics and Finance, Elsevier, vol. 21(1), pages 19-33, March.

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