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dc.contributor.authorAmbrocio, Geneen
dc.contributor.authorJang, Tae-Seoken
dc.date.accessioned2009-09-04-
dc.date.accessioned2010-08-03T13:11:49Z-
dc.date.available2010-08-03T13:11:49Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/37137-
dc.description.abstractThis paper seeks to understand dynamics of inflation and marginal cost (labor share) in models that account for the inclusion of productivity shocks in standard New Keynesian Phillips Curve (NKPC). The question of interest is on the empirical importance of and whether productivity shocks shift the Phillips curve using U.S. and Euro area data. Highlighting the inclusion of productivity growth, we employ a hybrid model specification augmented with a productivity term. The model is estimated using the Generalized Method of Moments (GMM) following Gali and Gertler (1999). Our main finding is that a simple extension of the baseline and hybrid models using more recent data (2006:Q4 for the US and 2005:Q4 for the Euro area) yield less convincing results than the previous literature. Furthermore, our estimation results provide some support for the inclusion of productivity growth particularly for the US. We conclude that a better understanding of the inflation-unemployment tradeoff requires accounting for shifts in the Phillips Curve due to productivity shocks.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Advanced Studies Working Papers |x453en
dc.subject.jelE24en
dc.subject.jelE31en
dc.subject.jelJ3en
dc.subject.ddc330en
dc.subject.keywordNew Keynesianen
dc.subject.keywordPhillips Curveen
dc.subject.keywordProductivity Growthen
dc.subject.keywordGMMen
dc.subject.stwNew-Keynesian Phillips Curveen
dc.subject.stwProduktivitäten
dc.subject.stwSchocken
dc.subject.stwMomentenmethodeen
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.subject.stwEU-Staatenen
dc.titleProductivity shocks and the New Keynesian Phillips Curve: Evidence from US and Euro area-
dc.typeWorking Paperen
dc.identifier.ppn608238732en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwasw:453en

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