McAdam, Peter and Willman, A. (2004) Supply, Factor Shares and Inflation Persistence: Re-Examining Euro-Area New-Keynesian Phillips Curves. Oxford Bulletin of Economics and Statistics, 66 (S1). pp. 637-670.
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| Official URL http://ssrn.com/abstract=591596 |
Abstract
Using euro-area data, we re-examine the empirical success of New-Keynesian Phillips curves (NKPCs). We re-estimate with a suitably specified optimizing supply side (which attempts to treat non-stationarity in factor income shares and mark-ups) that allows us to derive estimates of technology parameters, marginal costs and 'price gaps'. Our resulting estimates of the euro-area NKPCs are robust, provide reasonable estimates for fixed-price durations and discount rates and embody plausible dynamic properties. Our method for identifying the underlying determinants of NKPCs has general applicability to a wide set of countries as well as of use for sectoral studies.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences |
| Divisions: | Faculties > Social Sciences > School of Economics |
| Depositing User: | Francis Green |
| Date Deposited: | 07 Oct 2008 09:54 |
| Last Modified: | 14 Jan 2010 14:35 |
| Resource URI: | http://kar.kent.ac.uk/id/eprint/9430 (The current URI for this page, for reference purposes) |
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