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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Working Paper No. 0817
Verlag: 
Johannes Kepler University of Linz, Department of Economics, Linz
Zusammenfassung: 
This paper applies GMMestimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic versus external determinants of CPI inflation dynamics. For most countries in our sample the expected relative change in the terms of trade emerges as a more relevant inflation driver than the contemporaneous domestic output gap. Overall, our results indicate some, albeit moderate, support for the tested relationship based on data from ten OECD countries typically classified as open economies.
Schlagwörter: 
New Keynesian Phillips Curve
small open economies
terms of trade fluctuations
inflation dynamics
GMM estimation
JEL: 
C32
C52
E31
F41
Dokumentart: 
Working Paper

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