New Keynesian Explanations of Cyclical Movements in Aggregate Inflation and Regional Inflation Differentials
What determines the cyclical behavior of aggregate inflation and regional inflation differentials? The answer has strong implications for monetary policy and in Europe for the Stability and Growth Pact. In the United States, inflation rates move pro-cyclically, and across the Euro Area, inflation di...
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| Veröffentlicht in: | Open economies review 2006-01, Vol.17 (1), p.27-55 |
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| creator | Canzoneri, Matthew B Cumby, Robert E Diba, Behzad T Mykhaylova, Olena |
| description | What determines the cyclical behavior of aggregate inflation and regional inflation differentials? The answer has strong implications for monetary policy and in Europe for the Stability and Growth Pact. In the United States, inflation rates move pro-cyclically, and across the Euro Area, inflation differentials are positively correlated with growth differentials. This suggests that demand shocks are the primary determinants of the cyclical behavior of aggregate inflation and regional inflation differentials. In this paper, we discuss New Keynesian explanations of these correlations, and we argue that demand shocks are either missing or inadequately modeled in the in typical New Keynesian model. [PUBLICATION ABSTRACT] |
| doi_str_mv | 10.1007/s11079-006-5213-2 |
| format | Article |
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| source | SpringerNature Journals |
| subjects | Aggregate analysis Business cycle transmissions Business cycles Consumption Correlation analysis Economic models Economic shock Eurozone Government spending Inflation Inflation differentials Inflation rate Inflation rates Interest rates Keynesian theory Monetary economics Monetary models Monetary policy Monopolistic competition Neokeynesianism Phillips curve Productivity Studies Time series |
| title | New Keynesian Explanations of Cyclical Movements in Aggregate Inflation and Regional Inflation Differentials |
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