The New Keynesian Phillips Curve and Lagged Inflation: A Case of Spurious Correlation?

The New Keynesian Phillips Curve (NKPC) specifies a relationship between inflation and a forcing variable and the current period's expectation of future inflation. Most empirical estimates of the NKPC, typically based on generalized method of moments (GMM) estimation, have found a significant r...

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Veröffentlicht in:	Southern economic journal 2009-10, Vol.76 (2), p.467-481
Hauptverfasser:	Hall, Stephen G., Hondroyiannis, George, Swamy, P. A. V. B., Tavlas, G. S.
Format:	Artikel
Sprache:	eng
Schlagworte:	Analysis Anticipated inflation Coefficients Consistent estimators Costs Economic models Economic statistics Economic theory Employment Estimation Estimation methods Evaluation Forecasts and trends Foreign exchange rates Generalized method of moments Inflation Inflation (Finance) Inflation rates Instrumental variables estimation Keynesian economics Keynesianism Macroeconomics Marginal costs Method of moments(Statistics) Monetary economics Monetary policy Monopolistic competition Phillips curve Prices Production functions Unemployment United States Variable coefficients Variables
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