Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/50555
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dc.contributor.authorFranke, Reineren_US
dc.contributor.authorJang, Tae-Seoken_US
dc.contributor.authorSacht, Stephenen_US
dc.date.accessioned2011-10-12en_US
dc.date.accessioned2011-10-21T12:05:17Z-
dc.date.available2011-10-21T12:05:17Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/50555-
dc.description.abstractThe paper considers an elementary New-Keynesian three-equations model and contrasts its Bayesian estimation with the results from the method of moments (MM), which seeks to match the model-generated second moments of inflation, output and the interest rate to their empirical counterparts. Special emphasis is placed on the degree of backward-looking behaviour in the Phillips curve. While, in line with much of the literature, it only plays a marginal role in the Bayesian estimations, MM yields values of the price indexation parameter close to or even at its maximal value of one. These results are worth noticing since the matching thus achieved is entirely satisfactory. The matching of some special (and even better) versions of the model is econometrically evaluated by a model comparison test.en_US
dc.language.isoengen_US
dc.publisher|aUniv., Dep. of Economics |cKielen_US
dc.relation.ispartofseries|aEconomics working paper / Christian-Albrechts-Universität Kiel, Department of Economics |x2011,10en_US
dc.subject.jelC52en_US
dc.subject.jelE32en_US
dc.subject.jelE37en_US
dc.subject.ddc330en_US
dc.subject.keywordinflation persistenceen_US
dc.subject.keywordautocovariance profilesen_US
dc.subject.keywordgoodness-of-fiten_US
dc.subject.keywordmodel comparisonen_US
dc.titleMoment matching versus Bayesian estimation: Backward-looking behaviour in the new-Keynesian three-equations modelen_US
dc.typeWorking Paperen_US
dc.identifier.ppn669694894en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cauewp:201110-

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