International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data

Joseph Byrne, Alexandros Kontonikas () and Alberto Montagnoliz

No 2010-57, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: We present a unique empirical analysis of the properties of the New Keynesian Phillips Curve using an international dataset of aggregate and disaggregate sectoral in ation. Our results from panel time-series estimation clearly indicate that sectoral heterogeneity has important consequences for aggregate in ation behaviour. Heterogeneity helps to explain the overestimation of in ation persistence and underestimation of the role of marginal costs in empirical investigations of the NKPC that use aggregate data. We nd that combining disaggregate information with heterogeneous-consistent estimation techniques helps to reconcile, to a large extent, the NKPC with the data.

Keywords: New Keynesian Phillips Curve; Heterogeneity (search for similar items in EconPapers)
Date: 2010
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Related works:
Journal Article: International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data (2013)
Journal Article: International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data (2013)
Working Paper: International evidence on the new Keynesian Phillips Curve using aggregate and disaggregate data (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:193

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