Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/64442
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dc.contributor.authorKiefer, Daviden_US
dc.date.accessioned2012-09-28T12:39:01Z-
dc.date.available2012-09-28T12:39:01Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/64442-
dc.description.abstractOriginally presented as an empirical regularity, a variety of microeconomic derivations of the Phillips tradeoff between inflation and real output have been developed. Since these new Phillips curve models are expressed in terms of unobserved variables and expectations, we develop estimates of these unobservables using a state space characterization of the short-run political-economic equilibrium. This method is appropriate because it yields recursive forecasts based on contemporaneous information, and because we apply it to a real-time data set in order to accurately measure available information. Although none of the new Phillips curve tested are completely adequate, we find that Calvo's sticky price formulation provides the best fit for US data. It is inadequate because the estimate coefficient for the driving variable (either the output gap or the marginal cost) is essentially zero.en_US
dc.language.isoengen_US
dc.publisher|aUniv. of Utah, Dep. of Economics |cSalt Lake City, Utahen_US
dc.relation.ispartofseries|aWorking Paper, University of Utah, Department of Economics |x2010-03en_US
dc.subject.jelE3en_US
dc.subject.jelE6en_US
dc.subject.ddc330en_US
dc.subject.keywordnew Phillips curveen_US
dc.subject.keywordmicrofoundationsen_US
dc.subject.keywordreal-time dataen_US
dc.subject.stwPhillips-Kurveen_US
dc.subject.stwErwartungstheorieen_US
dc.subject.stwTheorieen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleAlternative Phillips curves models with endogenous real-time expectationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn625044037en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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