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A Multimarket Approach for Estimating a New Keynesian Phillips Curve

Juan de Dios Tena (), Jorge Dresdner () and Iván Araya ()
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Iván Araya: Departamento de Economía, Universidad de Concepción

No 02-2009, Working Papers from Departamento de Economía, Universidad de Concepción

Abstract: We propose a new approach for estimating a “hybrid” New Keynesian Phillips Curve (NKPC)that includes demand pressures coming from disequilibrium relations in three differentmarkets: (1) monetary and financial, (2) international, and (3) labour. The results of theapplication of this approach show that all three markets contribute to the evolution of inflation. However, shocks on equilibrium in the labour market and short-run movements in cyclical output are relatively more important than other shocks. Econometric tests indicate that this specification is superior to the traditional NKPC, which includes a single variable to account for demand pressures.

Keywords: New Keynesian Phillips Curve; Cointegration; Monetary Policy. (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Journal Article: A MULTIMARKET APPROACH FOR ESTIMATING A NEW KEYNESIAN PHILLIPS CURVE (2012) Downloads
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