|
EconStor >
Humboldt-Universität Berlin >
Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/39327
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Yao, Fang | | en_US |
| dc.date.accessioned | | 2010-06-16 | | en_US |
| dc.date.accessioned | | 2010-08-26T11:57:25Z | | - |
| dc.date.available | | 2010-08-26T11:57:25Z | | - |
| dc.date.issued | | 2010 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/39327 | | - |
| dc.description.abstract | | Whelan (2007) found that the generalized Calvo-sticky-price model fails to replicate a typical feature of the empirical reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show hat it is the 4-period-Taylor-contract hazard function he chose that gives rise to this result. In contrast, an empirically-based aggregate price reset hazard function can generate simulated data that are consistent with inflation gap persistence found in US CPI data. I conclude that a non-constant price reset hazard plays a crucial role for generating realistic inflation dynamics. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | SFB 649, Economic Risk Berlin | | en_US |
| dc.relation.ispartofseries | | SFB 649 discussion paper 2010,030 | | en_US |
| dc.subject.jel | | E12 | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Inflation gap persistence | | en_US |
| dc.subject.keyword | | Trend inflation | | en_US |
| dc.subject.keyword | | New Keynesian Phillips curve | | en_US |
| dc.subject.keyword | | Hazard function | | en_US |
| dc.subject.stw | | New-Keynesian Phillips Curve | | en_US |
| dc.subject.stw | | Inflationsrate | | en_US |
| dc.subject.stw | | Preisrigidität | | en_US |
| dc.subject.stw | | Statistische Bestandsanalyse | | en_US |
| dc.subject.stw | | Schätzung | | en_US |
| dc.subject.stw | | Lebenshaltungsindex | | en_US |
| dc.subject.stw | | USA | | en_US |
| dc.title | | Can the New Keynesian Phillips Curve explain inflation gap persistence? | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 628585152 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|