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Inflation, Information Rigidity, and the Sticky Information Phillips Curve

Cesar Carrera () and Nelson R. Ramírez-Rondán ()

No 2013-017, Working Papers from Banco Central de Reserva del Perú

Abstract: One of the most important structural relationships for policy makers is the Phillips curve; thus, this topic is the focus of ongoing theoretical and empirical research. We estimate the degree of information stickiness implied by the sticky information Phillips curve proposed by Mankiw and Reis (2002). Using threshold models we identify regimes of high and low inflation and find that each regime is associated with a specific degree of information stickiness. We find evidence that agents update information faster when inflation is higher.

Keywords: Infl ation; Sticky Information; Phillips Curve; Threshold model (search for similar items in EconPapers)
JEL-codes: C22 C26 E31 E52 (search for similar items in EconPapers)
Date: 2013-12
New Economics Papers: this item is included in nep-mac
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Related works:
Journal Article: INFLATION, INFORMATION RIGIDITY, AND THE STICKY INFORMATION PHILLIPS CURVE (2019) Downloads
Working Paper: Inflation, Information Rigidity, and the Sticky Information Phillips Curve (2014) Downloads
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