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dc.contributor.authorFranke, Reineren
dc.contributor.authorJang, Tae-Seoken
dc.contributor.authorSacht, Stephenen
dc.date.accessioned2011-10-12-
dc.date.accessioned2011-10-21T12:05:17Z-
dc.date.available2011-10-21T12:05:17Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50555-
dc.description.abstractThe paper considers an elementary New-Keynesian three-equations model and contrasts its Bayesian estimation with the results from the method of moments (MM), which seeks to match the model-generated second moments of inflation, output and the interest rate to their empirical counterparts. Special emphasis is placed on the degree of backward-looking behaviour in the Phillips curve. While, in line with much of the literature, it only plays a marginal role in the Bayesian estimations, MM yields values of the price indexation parameter close to or even at its maximal value of one. These results are worth noticing since the matching thus achieved is entirely satisfactory. The matching of some special (and even better) versions of the model is econometrically evaluated by a model comparison test.en
dc.language.isoengen
dc.publisher|aKiel University, Department of Economics |cKielen
dc.relation.ispartofseries|aEconomics Working Paper |x2011-10en
dc.subject.jelC52en
dc.subject.jelE32en
dc.subject.jelE37en
dc.subject.ddc330en
dc.subject.keywordinflation persistenceen
dc.subject.keywordautocovariance profilesen
dc.subject.keywordgoodness-of-fiten
dc.subject.keywordmodel comparisonen
dc.titleMoment matching versus Bayesian estimation: Backward-looking behaviour in the new-Keynesian three-equations model-
dc.typeWorking Paperen
dc.identifier.ppn669694894en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cauewp:201110en

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