A New Keynesian IS curve for Australia: is it forward looking or backward looking?

被引：5
|
作者：
Paradiso, Antonio [1 ]
Kumar, Saten [2 ]
Rao, B. Bhaskara [3 ]
机构：
[1] Univ Roma La Sapienza, Dept Econ, Rome, Italy
[2] Auckland Univ Technol, Dept Econ, Auckland, New Zealand
[3] Univ Western Sydney, Sch Econ & Finance, Sydney, NSW, Australia
来源：
APPLIED ECONOMICS | 2013年 / 45卷 / 26期
关键词：
New Keynesian IS curve; backward looking; forward looking; Australia; MONETARY-POLICY; STRUCTURAL-CHANGE; INFLATION; TESTS; MONEY; ECONOMY; MODELS; OUTPUT;
D O I：
10.1080/00036846.2012.718068
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article estimates the forward looking, backward looking and an extended version of the New Keynesian IS curve for Australia. The validity of these models is investigated by imposing the constraint on real rate of interest as well as when the constraint is relaxed. Two measures of output gap, namely GAP1 (constructed using the unobserved components approach) and GAP2 (constructed using a quadratic trend) are utilized. Our results suggest that the baseline backward looking and forward looking models are overwhelmingly rejected by the data. This evidence strongly supports the extended backward looking model (with GAP2) being relevant for monetary policy analysis.
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页码：3691 / 3700
页数：10
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