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dc.contributor.authorKiefer, Daviden_US
dc.date.accessioned2012-09-28T12:38:42Z-
dc.date.available2012-09-28T12:38:42Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/64416-
dc.description.abstractIn the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. We develop an econometric characterization of the political-economic equilibrium using the Kalman filter to model the unobserved natural rate. Applying this methodology to a panel of North Atlantic countries, we find it consistent with history with a few qualifications. For one, governments are more likely to target growth rates, than output gaps. And, inflation expectations are more likely adaptive, than rational. Also, the error restrictions implied by the standard inflation-productivity shocks formulation needs to be relaxed.en_US
dc.language.isoengen_US
dc.publisherUniv. of Utah, Dep. of Economics Salt Lake City, Utahen_US
dc.relation.ispartofseriesWorking Paper, University of Utah, Department of Economics 2008-19en_US
dc.subject.jelE61en_US
dc.subject.jelE63en_US
dc.subject.ddc330en_US
dc.subject.keywordendogenous stabilizationen_US
dc.subject.keywordobjectivesen_US
dc.subject.keywordexpectationsen_US
dc.subject.keywordKalman filteringen_US
dc.titleNew Keynesian endogenous stabilization in a panel of countriesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn601668863en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Department of Economics Working Paper Series, University of Utah

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