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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

Abstract: 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
Date: 2007-09
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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