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Assessing the new keynesian phillips curves under competing expectation hypothesis

Author

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  • Sébastien Pommier

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Olivier Musy

Abstract

The current research on monetary business cycles introduces sticky prices as a source of monetary non-neutrality, but assumes otherwise that agents adopt an optimizing behaviour and have rational expectations. The main characteristic of the resulting inflation specification (known as the ‘New Keynesian Phillips Curve’, hereafter NKPC) is the dependence of current inflation on expected inflation and a measure of the output gap: π t = β E t π t + 1 + α y t ]] π t = α ∑ i = 0 ∞ β i y t + i ]] π t = γ ( L ) π t − 1 + δ ( L ) y t + u t ]]
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Sébastien Pommier & Olivier Musy, 2005. "Assessing the new keynesian phillips curves under competing expectation hypothesis," Post-Print halshs-00010181, HAL.
  • Handle: RePEc:hal:journl:halshs-00010181
    as

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