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dc.contributor.authorKiefer, Daviden
dc.date.accessioned2012-09-28T12:38:42Z-
dc.date.available2012-09-28T12:38:42Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/64416-
dc.description.abstractIn the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. We develop an econometric characterization of the political-economic equilibrium using the Kalman filter to model the unobserved natural rate. Applying this methodology to a panel of North Atlantic countries, we find it consistent with history with a few qualifications. For one, governments are more likely to target growth rates, than output gaps. And, inflation expectations are more likely adaptive, than rational. Also, the error restrictions implied by the standard inflation-productivity shocks formulation needs to be relaxed.en
dc.language.isoengen
dc.publisher|aThe University of Utah, Department of Economics |cSalt Lake City, UTen
dc.relation.ispartofseries|aWorking Paper |x2008-19en
dc.subject.jelE61en
dc.subject.jelE63en
dc.subject.ddc330en
dc.subject.keywordendogenous stabilizationen
dc.subject.keywordobjectivesen
dc.subject.keywordexpectationsen
dc.subject.keywordKalman filteringen
dc.titleNew Keynesian endogenous stabilization in a panel of countries-
dc.typeWorking Paperen
dc.identifier.ppn601668863en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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