Is the New Keynesian Phillips curve flat?

C-Tier

Journal: Economics Letters

Year: 2009

Volume: 103

Issue: 1

Pages: 39-41

Authors (3)

Kuester, Keith (Rheinische Friedrich-Wilhelms-...) Müller, Gernot J. (Eberhard-Karls-Universität Tüb...) Stölting, Sarah (not in RePEc)

Score contribution per author:

0.335 = (α=2.01 / 3 authors) × 0.5x C-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

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Abstract

This paper provides Monte Carlo evidence that GMM estimates of the New Keynesian Phillips curve are biased towards finding too much price rigidity if cost-push shocks are auto-correlated. This result may reconcile GMM estimates with the microevidence on price rigidities.

Is the New Keynesian Phillips curve flat?

Authors (3)

Abstract

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