Partisan Theory and the New Keynesian and Sticky-Information Phillips Curves

Frode Brevik () and Manfred Gärtner ()

University of St. Gallen Department of Economics working paper series 2005 from Department of Economics, University of St. Gallen

Abstract: This paper attempts two things: First, to modernize partisan theory by merging the idea of partisan differences in macroeconomic preferences with recent, optimizing models of aggregate supply that account for sluggish nominal adjustment. This aids in resolving some puzzles posed by the current state of partisan theory research. Second, to exploit partisan patterns for a comparison of the empirical performance of the new Keynesian Phillips curve with that of a recent challenger, the sticky-information Phillips curve. It turns out that the sticky-information Phillips curve clearly outperforms its better established rival: in accounting for econometric estimates of partisan patterns in OECD countries, and in tracking post-war experience in the US.

Keywords: New Keynesian Phillips curve; sticky-information Phillips curve; partisan theory; rational partisan theory (search for similar items in EconPapers)
JEL-codes: E0 E3 E6 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2005-12
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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