Monetary Policy and the Hybrid Phillips Curve
Christopher Martin () and
Costas Milas ()
No KERP 2007/12, Keele Economics Research Papers from Centre for Economic Research, Keele University
This paper argues that existing empirical models of interest rate rules are too simplistic. The hybrid Phillips curve implies that policymakers should respond to both current and expected future inflation rates, in contrast to existing models. We provide evidence that UK policymakers do this.
Keywords: Optimal monetary policy; inflation persistence; Phillips curve (search for similar items in EconPapers)
JEL-codes: C51 C52 E52 E58 (search for similar items in EconPapers)
Pages: 9 pages
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Working Paper: Monetary Policy and the Hybrid Phillips Curve (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:kee:kerpuk:2007/12
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Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
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