New Keynesian Economics and the Phillips Curve
Journal of Money, Credit and Banking, 1995, vol. 27, issue 4, 975-84
Models with sticky prices are an important part of New Keynesian economics. The author shows that several of the New Keynesian models imply a formulation that is similar to the expectations-augmented Phillips curve of Milton Friedman and Edmund Phelps. He then presents new estimates of the New Keynesian Phillips curve. The author uses two proxies for price expectations: survey-based measures and an econometric-based measure originally developed by Bennett McCallum (1976). Overall, the results are consistent with the model but the survey-based results are more precise, suggesting that the surveys may be better measures of actual expectations. Copyright 1995 by Ohio State University Press.
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:975-84
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