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dc.contributor.authorYao, Fangen
dc.date.accessioned2010-06-16-
dc.date.accessioned2010-08-26T11:57:25Z-
dc.date.available2010-08-26T11:57:25Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/39327-
dc.description.abstractWhelan (2007) found that the generalized Calvo-sticky-price model fails to replicate a typical feature of the empirical reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show hat it is the 4-period-Taylor-contract hazard function he chose that gives rise to this result. In contrast, an empirically-based aggregate price reset hazard function can generate simulated data that are consistent with inflation gap persistence found in US CPI data. I conclude that a non-constant price reset hazard plays a crucial role for generating realistic inflation dynamics.en
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2010,030en
dc.subject.jelE12en
dc.subject.jelE31en
dc.subject.ddc330en
dc.subject.keywordInflation gap persistenceen
dc.subject.keywordTrend inflationen
dc.subject.keywordNew Keynesian Phillips curveen
dc.subject.keywordHazard functionen
dc.subject.stwNew-Keynesian Phillips Curveen
dc.subject.stwInflationsrateen
dc.subject.stwPreisrigiditäten
dc.subject.stwStatistische Bestandsanalyseen
dc.subject.stwSchätzungen
dc.subject.stwLebenshaltungsindexen
dc.subject.stwUSAen
dc.titleCan the New Keynesian Phillips Curve explain inflation gap persistence?-
dc.type|aWorking Paperen
dc.identifier.ppn628585152en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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