Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/220318 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Discussion Paper No. 230
Verlag: 
Institute for Applied Economic Research (ipea), Brasília
Zusammenfassung: 
This paper contrasts empirically four leading models of inflation dynamics - the accelerationist Phillips curve (APC), new Keynesian Phillips curve (NKPC), hybrid Phillips curve (HPC) and sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve specification that allows us to derive tests for these models within a single framework. Using the generalized method of moments (GMM) estimator, the evidence suggests that the restrictions implied by the NKPC, HPC, and SIPC are rejected for the U.S. during the Great Moderation. Only the restrictions implied by the APC are not rejected. When we use methods that are robust to the issue of weak instruments in GMM, the confidence regions are so wide that it is not possible to reject any models' restrictions, meaning that the evidence is consistent with all four models of inflation dynamics.
Schlagwörter: 
Phillips curves
weak instruments
fully robust confidence regions
JEL: 
E12
E31
E32
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
2.45 MB





Publikationen in EconStor sind urheberrechtlich geschützt.