Inflation Volatility and the Inflation-Growth Tradeoff in India
This paper amends the New Keynesian Phillips curve model to include inflation volatility and tests the determinants of such volatility for India. It provides results on the determinants of inflation volatility and expected inflation volatility for OLS and ARDL (1,1) models and for change in inflation volatility and change in expected inflation volatility using ECM models. Output gap affects change in expected inflation volatility along (in the ECM model) and not in the other models. Major determinants of inflation volatility and expected inflation volatility are identified.
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- Sophocles N. Brissimis & Nicholas S. Magginas, 2006.
"Inflation Forecasts and the New Keynesian Phillips Curve,"
38, Bank of Greece.
- Sophocles N. Brissimis & Nicholas S. Magginas, 2008. "Inflation Forecasts and the New Keynesian Phillips Curve," International Journal of Central Banking, International Journal of Central Banking, vol. 4(2), pages 1-22, June.
- John Duffy & Wei Xiao, 2011.
"Investment and Monetary Policy: Learning and Determinacy of Equilibrium,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 43(5), pages 959-992, 08.
- John Duffy & Wei Xiao, 2007. "Investment and Monetary Policy: Learning and Determinacy of Equilibrium," Working Papers 324, University of Pittsburgh, Department of Economics, revised Aug 2008.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
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