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Title:The Price Puzzle Revisited : Can the Cost Channel explain a Rise in Inflation after a Monetary Shock? PDF Logo
Authors:Mayer, Eric
Hülsewig, Oliver
Henzel, Steffen
Wollmershäuser, Timo
Issue Date:2006
Series/Report no.:Würzburg economic papers 74
Abstract:This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary contraction.
Subjects:Price puzzle
New Keynesian model
cost channel
minimum distance estimation
JEL:E32
C51
E31
Document Type:Working Paper
Appears in Collections:W.E.P. - Würzburg Economic Papers, Lst. f. VWL, Geld u. internat. Wirtschaftsbeziehungen, Universität Würzburg

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