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Inflation Dynamics in Seven Industrialised Open Economies

Nicoletta Batini () and Ryan Banerjee

No 116, Computing in Economics and Finance 2004 from Society for Computational Economics

Abstract: Abstract: The literature on the New Phillips Curve (NPC) started off with an analysis of pricing behaviour in economies that are closed and with price and wage contracts that are either of the Calvo or Taylor-style. In the spirit of the Batini, Jackson and Nickell (2000) here we focus on the open-economy aspects of the NPC and in the spirit of Dotsey, King and Wolman (1999) and Guerrieri (2001) we then analyse the fit of different price contracting specifications. We estimate via Maximum Likelihood 'hybrid' structural pricing equations for seven open-economy industrialised countries for contracts which are either Calvo, Taylor or Time-dependent. We then use autocorrelations and impulse-response functions to determine their ability to fit the data.

Keywords: inflation dynamics; open economy; ML estimation; staggered contracts (search for similar items in EconPapers)
JEL-codes: E37 E52 E58 (search for similar items in EconPapers)
Date: 2004-08-11
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Working Paper: Inflation Dynamics in Seven Industrialised Open Economies (2003)
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