Monetary Policy and the Hybrid Phillips Curve
Christopher Martin () and
Costas Milas ()
Working Paper series from Rimini Centre for Economic Analysis
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)
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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:rim:rimwps:36_07
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