Dynamika inflácie v krajinách monetárnej únie: jej vplyv na spoločnú hospodársku politiku

Inflation Dynamics in Countries of the Monetary Union: What is its Impact on the Common Economic Policy?

Patrik Kupkovic

Politická ekonomie, 2017, vol. 2017, issue 1, 62-81

Abstract: This paper studies the impact of inflation dynamics on a common economic policy in the monetary union using a small New Keynesian model of the monetary union. We are considering two open economy versions of the Phillips curve: a typical New Keynesian Phillips curve with only forward looking dynamics and a hybrid New Keynesian Phillips curve with forward and backward looking dynamics. The main findings are as follows: (i) the backward looking dynamics (persistence) of inflation in the Phillips curve is an important determinant of the common economic policy in the monetary union; (ii) in the case of asymmetric dynamics of inflation in the monetary union countries, the country with more persistent inflation dynamics has a significant impact on the common economic policy.

Keywords: typical New Keynessian Phillips curve; hybrid New Keynesian Phillips curve; economic policy; Monetary union (search for similar items in EconPapers)
JEL-codes: E52 E61 E62 E63 F41 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.polek.1127

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