Is the New Keynesian Phillips curve flat?

Keith Kuester, Gernot Müller and Sarah Stölting

Economics Letters, 2009, vol. 103, issue 1, 39-41

Abstract: This paper provides Monte Carlo evidence that GMM estimates of the New Keynesian Phillips curve are biased towards finding too much price rigidity if cost-push shocks are auto-correlated. This result may reconcile GMM estimates with the microevidence on price rigidities.

Keywords: Price; rigidities; New; Keynesian; Phillips; curve; Cost-push; shocks; GMM; estimation (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (12)

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Working Paper: Is the New Keynesian Phillips curve flat? (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:103:y:2009:i:1:p:39-41

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