THE NEW KEYNESIAN PHILLIPS CURVE IN A TIME-VARYING COEFFICIENT ENVIRONMENT: SOME EUROPEAN EVIDENCE

被引：16

作者：

Hondroyiannis, George ^{[2
]}

Swamy, P. A. V. B. ^{[3
]}

Tavlas, George S. ^{[1
]}

机构：

[1] Bank Greece, Econ Res Dept, Athens 10250, Greece

[2] Harokopio Univ, Athens, Greece

[3] US Bur Labor Stat, Washington, DC 20212 USA

来源：

MACROECONOMIC DYNAMICS | 2009年 / 13卷 / 02期

关键词：

New Keynesian Phillips Curve; Specification Biases; Time-Varying Coefficients; MONETARY-POLICY; STAGGERED PRICES; TREND INFLATION; OPEN-ECONOMY; MODEL; UNCERTAINTY; FRAMEWORK;

D O I：

10.1017/S1365100508070478

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine whether the importance of lagged inflation in the New Keynesian Phillips Curve (NKPC) may be a result of specification biases. NKPCs are estimated for four countries: France, Germany, Italy. and the United Kingdom, Using time-varying coefficient (TVC) estimation. a procedure that can deal with possible specification biases, we find support for the NKPC model that excludes lagged inflation. Our results indicate a Phillips-curve relationship for the countries considered that does not contain an inertial element.

引用

页码：149 / 166

页数：18

共 28 条

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