Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57818 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Arbeiten aus dem Osteuropa-Institut Regensburg No. 292
Verlag: 
Osteuropa-Institut Regensburg, Regensburg
Zusammenfassung: 
The New Keynesian Phillips Curve has become an important part of modern monetary policy models. It describes the relationship between inflation and real marginal cost, which is derived from micro-founded models with rational expectations, sticky prices, and forward and backward looking behaviour. This answers the previous critique of the Phillips Curve. We estimate several specifications of the New Keynesian Phillips Curve for the Czech Republic between 1996 and 2009. We show that the GMM suffers under the problem of weak instruments leading to biased estimates. In turn, the FIML is robust and yields significant estimates of structural parameters implying a strong forward looking behaviour.
Schlagwörter: 
inflation
New Keynesian Phillips Curve
marginal costs
output gap
real unit labour costs.
JEL: 
E31
E52
C32
ISBN: 
978-3-938980-42-2
Dokumentart: 
Working Paper

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