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http://hdl.handle.net/10419/39327
  

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dc.contributor.authorYao, Fangen_US
dc.date.accessioned2010-06-16en_US
dc.date.accessioned2010-08-26T11:57:25Z-
dc.date.available2010-08-26T11:57:25Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/39327-
dc.description.abstractWhelan (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.isoengen_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2010,030en_US
dc.subject.jelE12en_US
dc.subject.jelE31en_US
dc.subject.ddc330en_US
dc.subject.keywordInflation gap persistenceen_US
dc.subject.keywordTrend inflationen_US
dc.subject.keywordNew Keynesian Phillips curveen_US
dc.subject.keywordHazard functionen_US
dc.subject.stwNew-Keynesian Phillips Curveen_US
dc.subject.stwInflationsrateen_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwStatistische Bestandsanalyseen_US
dc.subject.stwSchätzungen_US
dc.subject.stwLebenshaltungsindexen_US
dc.subject.stwUSAen_US
dc.titleCan the New Keynesian Phillips Curve explain inflation gap persistence?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn628585152en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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