Nový Keynesovský model inflace a jeho empirické ověření

New-Keynesian model of inflation and its empirical verification

Josef Arlt, Miroslav Plašil and Richard Horský

Politická ekonomie, 2005, vol. 2005, issue 1

Abstract: New concepts have been presented in modelling of inflation dynamics recently, among others the New Keynesian Phillips curve (NKPC). There are several traditional ways of NKPC model validity testing, but none of them seems to be practically applicable in conditions of the Czech Republic. We tried to test the validity of the NKPC model by the untraditional method proposed by Demery and Duck (2002). This method does not rely on direct estimation of NKPC parameters, but relatively easy tests based on the cointegration analysis of time series are employed. Its application indicates that the NKPC model cannot be considered as effective in conditions of the Czech Republic; this model does not describe the inflation process sufficiently and it is not a suitable model for inflation prediction or for the choice of appropriate monetary (anti-inflation) policy.

Keywords: inflation; time series; model; New-Keynesian Phillips curve; cointegration analysis (search for similar items in EconPapers)
JEL-codes: C22 E12 E31 (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://polek.vse.cz/doi/10.18267/j.polek.497.html (text/html)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlpol:v:2005:y:2005:i:1:id:497

Ordering information: This journal article can be ordered from
Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
http://polek.vse.cz

DOI: 10.18267/j.polek.497

Access Statistics for this article

Politická ekonomie is currently edited by Jiřina Bulisová

More articles in Politická ekonomie from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().