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The New Keynesian Phillips Curve in a Small Open Economy
Syed Kanwar Abbas
Prasad Sankar Bhattacharya
Debdulal Mallick
Pasquale M. Sgro
其他書名
Empirical Evidence from Australia
出版
SSRN
, 2016
URL
http://books.google.com.hk/books?id=M5vgzwEACAAJ&hl=&source=gbs_api
註釋
This study estimates the new Keynesian Phillips curve (NKPC) of Gali and Monacelli for a small open economy using Australian data. Our detailed investigation hinges on estimating the structural parameters in five different variants of the Gali-Monacelli NKPC, which relates the inflation process to terms of trade and the real exchange rate; the marginal cost and output gap as proxies for real economic activity and the hybrid version incorporating both forward- and backward-looking inflation expectations. The analysis and extensive robustness checks overwhelmingly establish that the Gali-Monacelli NKPC cannot explain the dynamics of inflation and is rejected by the Australian data.
