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978
Phillips Curve
, 2012
"... This paper estimates a highfrequency New Keynesian Phillips curve via the Generalized Method of Moments. Allowing for higherthanusual frequencies strongly mitigates the wellknown problems of smallsample bias and structural breaks. Applying a daily frequency allows us to obtain estimates for the ..."
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This paper estimates a highfrequency New Keynesian Phillips curve via the Generalized Method of Moments. Allowing for higherthanusual frequencies strongly mitigates the wellknown problems of smallsample bias and structural breaks. Applying a daily frequency allows us to obtain estimates
Is The Phillips Curve
"... A Policy Lesson from New Zealand Nontechnical summary New Zealand data show that the inflationoutput relationship is asymmetric. This asymmetry implies that positive demand shocks tend to increase inflation by more than negative demand shocks of similar magnitudes reduce it. An important implicati ..."
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Cited by 1 (0 self)
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, and greater losses of output than would be the case with a linear Phillips curve. I am thankful to John Lapp, John Seater, Douglas Pearce and Glenn Rudebusch, for their valuable comments on early drafts. I also thank Scott
Phillips Curve
"... This article complements the structural NewKeynesian macro framework with a noarbitrage affine term structure model. Whereas our methodology is general, we focus on an extended macromodel with unobservable processes for the inflation target and the natural rate of output which are filtered from m ..."
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This article complements the structural NewKeynesian macro framework with a noarbitrage affine term structure model. Whereas our methodology is general, we focus on an extended macromodel with unobservable processes for the inflation target and the natural rate of output which are filtered from macro and term structure data. We find that term structure information helps generate large and significant parameters governing the monetary policy transmission mechanism. Our model also delivers strong contemporaneous responses of the entire term structure to various macroeconomic shocks. The inflation target shock dominates the variation in the “level factor ” whereas monetary policy shocks dominate the variation in the “slope Structural NewKeynesian models, featuring dynamic aggregate supply (AS), aggregate demand (IS) and monetary policy equations are becoming pervasive in macroeconomic analysis. In this article we complement this structural macroeconomic framework
The wage curve and the Phillips curve
 Finance and Economics Discussion Paper Series # 57, Federal Reserve Board of Governors
, 1997
"... level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical suppor ..."
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Cited by 7 (0 self)
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level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical
The antiPhillips curve
, 2009
"... There is no Phillips curve in the United States, i.e. unemployment does not drive inflation at any time horizon. There is a statistically robust antiPhillips curve inflation leads unemployment by 10 quarters. Apparently, the antiPhillips curve would be the conventional one, if the time would flow ..."
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There is no Phillips curve in the United States, i.e. unemployment does not drive inflation at any time horizon. There is a statistically robust antiPhillips curve inflation leads unemployment by 10 quarters. Apparently, the antiPhillips curve would be the conventional one, if the time would
The Global and Local in Phillips Curve
"... The debate over the Phillips Curve as the relation between level of unemployment rate and inflation rate in historical economics is shortly reviewed. By using the analysis in the Extreme Value Theory, i.e.: the rank order statistics the unemployment and inflation data over countries from various r ..."
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The debate over the Phillips Curve as the relation between level of unemployment rate and inflation rate in historical economics is shortly reviewed. By using the analysis in the Extreme Value Theory, i.e.: the rank order statistics the unemployment and inflation data over countries from various
Menu Costs and Phillips Curves
 Journal of Political Economy
, 2007
"... This paper develops a model of a monetary economy in which individual firms are subject to idiosyncratic productivity shocks as well as general inflation. Sellers can change price only by incurring a real “menu cost. ” We calibrate this cost and the variance and autocorrelation of the idiosyncrati ..."
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Cited by 136 (0 self)
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This paper develops a model of a monetary economy in which individual firms are subject to idiosyncratic productivity shocks as well as general inflation. Sellers can change price only by incurring a real “menu cost. ” We calibrate this cost and the variance and autocorrelation of the idiosyncratic shock using a new U.S. data set of individual prices due to Klenow and Kryvtsov. The prediction of the calibrated model for the effects of high inflation on the frequency of price changes accords well with international evidence from various studies. The model is also used to conduct numerical experiments on the economy’s response to various shocks. In none of the simulations we conducted did monetary shocks induce large or persistent real responses. I.
Vacancies, unemployment and the Phillips curve
 European Economic Review
, 2008
"... The canonical new Keynesian Phillips Curve has become a standard component of models designed for monetary policy analysis. However, in the basic new Keynesian model, there is no unemployment, all variation in labor input occurs along the intensive hours margin, and the driving variable for in‡ation ..."
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Cited by 17 (0 self)
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The canonical new Keynesian Phillips Curve has become a standard component of models designed for monetary policy analysis. However, in the basic new Keynesian model, there is no unemployment, all variation in labor input occurs along the intensive hours margin, and the driving variable for in
THE STABILITY OF PHILLIPS CURVE IN MALAYSIA
, 2007
"... We examine the stability of tradeoff Phillips curve in Malaysia for the period of 1971 to 2004. We find that the tradeoff Phillips curve exists in Malaysia for both short run and long run. Furthermore, there is a stable long run tradeoff relationship between the inflation and unemployment rates in M ..."
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We examine the stability of tradeoff Phillips curve in Malaysia for the period of 1971 to 2004. We find that the tradeoff Phillips curve exists in Malaysia for both short run and long run. Furthermore, there is a stable long run tradeoff relationship between the inflation and unemployment rates
Results 1  10
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978