Monetary Policy Shifts and Inflation Dynamics

Paolo Surico

Chapter 3 in The Travails of the Eurozone, 2007, pp 42-66 from Palgrave Macmillan

Abstract: Abstract The New Keynesian Phillips Curve (NKPC) has recently become the building block of many monetary policy models. This relation plays a central role in understanding aggregate fluctuations and quantifying the transmission mechanism of monetary policy. Most of the success of the NKPC hinges on the fact that it is derived from first principles, thereby implying that its estimates survive the Lucas (1976) critique.

Keywords: Monetary Policy; Euro Area; Nominal Interest Rate; Phillips Curve; Labour Share (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230801479_3

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