Author: Somayeh MardanehPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Three Essays on Inflation Dynamics and Oil Economics in the Context of the New Keynesian Phillips Curve
Author: Somayeh MardanehEssays on Inflation Dynamics
Author: Olivier CoibionEssays on Inflation Dynamics, Economic Fluctuations and Fiscal Policy
Author: Kuo-Hsuan ChinPublisher:
ISBN:
Category :
Languages : en
Pages : 108
Book Description
Inflation dynamics and the quantitative effects of fiscal policy remain topics of debates. The mixed results may due to the use of inappropriate models. To reconcile the mixed estimates of inflation dynamics, I generalized a hybrid New Keynesian Phillips Curve model developed by Gali and Gertler (1999) with time varying parameters. I find the model with fixed parameters is possibly a misspecified model since the estimated parameters are not stable over time. In consequence, a suitable model for explaining inflation dynamics should account for the time varying feature of parameters. To further investigate the mixed results on the quantitative effects of fiscal policy, I use a sophisticated DSGE model proposed by Smets and Wouters (2007), and simplify it to other 15 DSGE sub-models by imposing a tight prior on a single parameter or a combination of tight priors on multiple parameters. I estimate all sixteen models using Bayesian approach and obtain the qualitative and quantitative effect of fiscal stimulus in all models, which are comparable with currently empirical studies. I pick up a suitable model via Bayes factor and then forecast the effect of fiscal stimulus in a scenario looks like U.S. 2008/2009 economic recessions. I find a positive short-run effect but a negative long run consequence of fiscal stimulus.
Understanding Inflation and the Implications for Monetary Policy
Author: Jeff FuhrerPublisher: MIT Press
ISBN: 026225820X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson
Notes on the Inflation Dynamics of the New Keynesian Phillips Curve
Author: Andreas HornsteinPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 14
Book Description
Three Essays on the New Keynesian Phillips Curve
Author: Nico BoldrinInflation Dynamics and the New Keynesian Phillips Curve
Author: Khalirendwe RanenyeniPublisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 46
Book Description
Inflation Dynamics and the New Keynesian Phillips Curve
Author: Jean-Marie DufourPublisher: Montréal : CIRANO
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 23
Book Description
"The authors use identification-robust methods to assess the empirical adequacy of a New Keynesian Phillips curve (NKPC) equation. They focus on Gal ̕and Gertler's (1999) specification, for both U.S. and Canadian data. Two variants of the model are studied: one based on a rational-expectations assumption, and a modification to the latter that uses survey data on inflation expectations. The results based on these two specifications exhibit sharp differences concerning: (i) identification difficulties, (ii) backward-looking behaviour, and (iii) the frequency of price adjustment. Overall, the authors find that there is some support for the hybrid NKPC for the United States, whereas the model is not suited to Canada. Their findings underscore the need for employing identification-robust inference methods in the estimation of expectations-based dynamic macroeconomic relations."--Abstract from website.
Inflation Dynamics and the New Keynesian Phillips Curve
Author: Jean-Marie DufourPublisher: Montréal : CIRANO
ISBN: 9782893825168
Category : Inflation (Finance)
Languages : en
Pages : 23
Book Description
Inflation Dynamics and the New Keynesian Phillips Curve
Author: Jean-Marie DufourPublisher:
ISBN: 9782893825168
Category : Econometrics
Languages : en
Pages : 0
Book Description