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dc.contributor.authorAmbrocio, Geneen_US
dc.contributor.authorJang, Tae-Seoken_US
dc.date.accessioned2009-09-04en_US
dc.date.accessioned2010-08-03T13:11:49Z-
dc.date.available2010-08-03T13:11:49Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/37137-
dc.description.abstractThis paper seeks to understand dynamics of inflation and marginal cost (labor share) in models that account for the inclusion of productivity shocks in standard New Keynesian Phillips Curve (NKPC). The question of interest is on the empirical importance of and whether productivity shocks shift the Phillips curve using U.S. and Euro area data. Highlighting the inclusion of productivity growth, we employ a hybrid model specification augmented with a productivity term. The model is estimated using the Generalized Method of Moments (GMM) following Gali and Gertler (1999). Our main finding is that a simple extension of the baseline and hybrid models using more recent data (2006:Q4 for the US and 2005:Q4 for the Euro area) yield less convincing results than the previous literature. Furthermore, our estimation results provide some support for the inclusion of productivity growth particularly for the US. We conclude that a better understanding of the inflation-unemployment tradeoff requires accounting for shifts in the Phillips Curve due to productivity shocks.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel advanced studies working papers 453en_US
dc.subject.jelE24en_US
dc.subject.jelE31en_US
dc.subject.jelJ3en_US
dc.subject.ddc330en_US
dc.subject.keywordNew Keynesianen_US
dc.subject.keywordPhillips Curveen_US
dc.subject.keywordProductivity Growthen_US
dc.subject.keywordGMMen_US
dc.subject.stwNew-Keynesian Phillips Curveen_US
dc.subject.stwProduktivitäten_US
dc.subject.stwSchocken_US
dc.subject.stwMomentenmethodeen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.subject.stwEU-Staatenen_US
dc.titleProductivity shocks and the New Keynesian Phillips Curve: Evidence from US and Euro areaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn608238732en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Kiel Advanced Studies Working Papers, IfW
Publikationen von Forscherinnen und Forschern des IfW

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