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https://hdl.handle.net/10419/39327
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Yao, Fang | en |
dc.date.accessioned | 2010-06-16 | - |
dc.date.accessioned | 2010-08-26T11:57:25Z | - |
dc.date.available | 2010-08-26T11:57:25Z | - |
dc.date.issued | 2010 | - |
dc.identifier.uri | http://hdl.handle.net/10419/39327 | - |
dc.description.abstract | Whelan (2007) found that the generalized Calvo-sticky-price model fails to replicate a typical feature of the empirical reduced-form Phillips curve - the positive dependence of inflation on its own lags. In this paper, I show hat it is the 4-period-Taylor-contract hazard function he chose that gives rise to this result. In contrast, an empirically-based aggregate price reset hazard function can generate simulated data that are consistent with inflation gap persistence found in US CPI data. I conclude that a non-constant price reset hazard plays a crucial role for generating realistic inflation dynamics. | en |
dc.language.iso | eng | en |
dc.publisher | |aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlin | en |
dc.relation.ispartofseries | |aSFB 649 Discussion Paper |x2010,030 | en |
dc.subject.jel | E12 | en |
dc.subject.jel | E31 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Inflation gap persistence | en |
dc.subject.keyword | Trend inflation | en |
dc.subject.keyword | New Keynesian Phillips curve | en |
dc.subject.keyword | Hazard function | en |
dc.subject.stw | New-Keynesian Phillips Curve | en |
dc.subject.stw | Inflationsrate | en |
dc.subject.stw | Preisrigidität | en |
dc.subject.stw | Statistische Bestandsanalyse | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | Lebenshaltungsindex | en |
dc.subject.stw | USA | en |
dc.title | Can the New Keynesian Phillips Curve explain inflation gap persistence? | - |
dc.type | |aWorking Paper | en |
dc.identifier.ppn | 628585152 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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