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.
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页码：149 / 166
页数：18
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