A MULTIMARKET APPROACH FOR ESTIMATING A NEW KEYNESIAN PHILLIPS CURVE
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad de Zaragoza
2012
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| _version_ | 1876452099101818880 |
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| author | J.D. TENA |
| author_facet | J.D. TENA |
| contents | A MULTIMARKET APPROACH FOR ESTIMATING A NEW KEYNESIAN PHILLIPS CURVE J.D. TENA JORGE DRESDNER IVÁN ARAYA Economía y Finanzas cointegration monetary policy New Keynesian Phillips Curve We propose a new approach for estimating a "hybrid" New Keynesian Phillips Curve (NKPC) that includes demand pressures coming from disequilibrium relations in three different markets: (1) monetary and financial, (2) international, and (3) labour. Econometric tests based on Chilean data indicate that this specification is superior to the traditional NKPC, which includes a single variable to account for demand pressures. Moreover, considering cointegration relationships in the monetary and labour markets is particularly useful for forecasting the dynamics of inflation compared to an alternative specification based on a standard measure of output fluctuation. 2012 artículo científico 1133-455X https://www.redalyc.org/articulo.oa?id=96924442002 en http://www.redalyc.org/revista.oa?id=969 Revista de Economía Aplicada application/pdf Universidad de Zaragoza Revista de Economía Aplicada (España) Num.58 Vol.XX |
| format | Artículo científico |
| id | redalyc_96924442002 |
| institution | Redalyc |
| language | en |
| publishDate | 2012 |
| publisher | Universidad de Zaragoza |
| spellingShingle | A MULTIMARKET APPROACH FOR ESTIMATING A NEW KEYNESIAN PHILLIPS CURVE J.D. TENA Economía y Finanzas cointegration monetary policy New Keynesian Phillips Curve A MULTIMARKET APPROACH FOR ESTIMATING A NEW KEYNESIAN PHILLIPS CURVE J.D. TENA JORGE DRESDNER IVÁN ARAYA Economía y Finanzas cointegration monetary policy New Keynesian Phillips Curve We propose a new approach for estimating a "hybrid" New Keynesian Phillips Curve (NKPC) that includes demand pressures coming from disequilibrium relations in three different markets: (1) monetary and financial, (2) international, and (3) labour. Econometric tests based on Chilean data indicate that this specification is superior to the traditional NKPC, which includes a single variable to account for demand pressures. Moreover, considering cointegration relationships in the monetary and labour markets is particularly useful for forecasting the dynamics of inflation compared to an alternative specification based on a standard measure of output fluctuation. 2012 artículo científico 1133-455X https://www.redalyc.org/articulo.oa?id=96924442002 en http://www.redalyc.org/revista.oa?id=969 Revista de Economía Aplicada application/pdf Universidad de Zaragoza Revista de Economía Aplicada (España) Num.58 Vol.XX |
| title | A MULTIMARKET APPROACH FOR ESTIMATING A NEW KEYNESIAN PHILLIPS CURVE |
| topic | Economía y Finanzas cointegration monetary policy New Keynesian Phillips Curve |
| url | https://www.redalyc.org/articulo.oa?id=96924442002 |