Sectoral Phillips curves and the aggregate Phillips curve

被引：34

作者：

Imbs, Jean ^{[1
]}

Jondeau, Eric ^{[2
]}

Pelgrin, Florian ^{[2
]}

机构：

[1] Paris Sch Econ, F-75013 Paris, France

[2] Univ Lausanne, Fac Business & Econ, CH-1015 Lausanne, Switzerland

来源：

JOURNAL OF MONETARY ECONOMICS | 2011年 / 58卷 / 04期

关键词：

OPTIMAL MONETARY-POLICY; STAGGERED PRICES; INFLATION; PERSISTENCE; INFERENCE;

D O I：

10.1016/j.jmoneco.2011.05.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Sector-level Phillips curves are estimated in French data. There is considerable heterogeneity across sectors, with vastly different estimates of the backward looking component of inflation and the duration of nominal rigidities. A multi-sector model of inflation dynamics is calibrated on the basis of these sectoral estimates. Aggregate inflation, simulated on the basis of heterogeneous sectors, displays comparable dynamics to actual data. A comparison is drawn between the policy trade-offs implied by a Phillips curve based on macroeconomic estimates vs. one based on a model with heterogeneous sectors. The difference is sizeable. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：328 / 344

页数：17

共 41 条

[1] Can aggregation explain the persistence of inflation? [J].