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Monetary Policy and the Hybrid Phillips Curve

Christopher Martin () and Costas Milas ()

Working Paper series from Rimini Centre for Economic Analysis

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)
Date: 2007-07
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http://www.rcea.org/RePEc/pdf/wp36_07.pdf

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Persistent link: https://EconPapers.repec.org/RePEc:rim:rimwps:36_07

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