Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55639 
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dc.contributor.authorShapiro, Adam Haleen
dc.date.accessioned2006-07-25-
dc.date.accessioned2012-02-23T08:28:15Z-
dc.date.available2012-02-23T08:28:15Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/55639-
dc.description.abstractIt has become customary to estimate the New Keynesian Phillips Curve (NKPC) with GMM using a large instrument set that includes lags of variables that are ad hoc to the model. Researchers have also conventionally used real unit labor cost (RULC) as the proxy for real marginal cost, even though it is difficult to support its significance. This paper introduces a new proxy for the real marginal cost term as well as a new instrument set, both of which are based on the micro foundations of the vertical chain of production. I find that the new proxy, based on input prices as opposed to wages, provides a more robust and significant fit to the model. Instruments that are based on the vertical chain of production appear to be both more valid and relevant towards the model.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aWorking Papers |x06-11en
dc.subject.jelC2en
dc.subject.jelC5en
dc.subject.jelE5en
dc.subject.jelE3en
dc.subject.ddc330en
dc.titleEstimating the New Keynesian Phillips Curve: A vertical production chain approach-
dc.typeWorking Paperen
dc.identifier.ppn514905883en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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