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About the sources of the inflation persistence in Russia

  • Ekaterina Ponomareva

    (Gaidar Institute for Economic Policy)

The standard way to obtain the equation of New Keynesian Phillips curve is to linearize the equilibrium conditions of the Calvo model around a steady state with zero inflation. This approach is appropriate only in the low-inflation economics. This paper considers New Keynesian Phillips curve derived by linearizing the same equilibrium conditions around the time varying inflation trend. This model explains observed inflation persistence in different way and gives the different view on the ratio of agents with backward- and forward-looking expectations. In the paper estimated New Keynesian Phillips curve with time varying coefficients. This model shows that in Russia exist at least two sources of the inflation persistence.

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Paper provided by Gaidar Institute for Economic Policy in its series Working Papers with number 0016.

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Length: 14175 words
Date of creation: 2012
Date of revision: 2012
Handle: RePEc:gai:wpaper:0016
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