The Hybrid New Keynesian Phillips Curve and the NAIRU over Time
Lena Vogel
Broschiertes Buch

The Hybrid New Keynesian Phillips Curve and the NAIRU over Time

An Empirical Study for the US, the UK, Italy and Spain

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New Keynesian models of the Phillips Curve generally assume a short run trade-off between inflation and a measure of excess demand due to nominal rigidities, while in the long run inflation is constant at the 'Non-Accelerating Inflation Rate of Unemployment' (NAIRU). By contrast, models such as the Triangle Model of inflation explicitly allow for a time-varying NAIRU. We combine both approaches and estimate state-space models of the hybrid New Keynesian Phillips curve, allowing the short-run NAIRU to vary over time. Moreover, households inflation expectations are measured directly from consume...