English, Article, Journal or magazine article edition: Inflation Dynamics: A Structural Econometric Analysis Jordi Galí; Jordi Gali; Mark Gertler

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Inflation Dynamics: A Structural Econometric Analysis
Author
  • Jordi Galí
  • Jordi Gali
  • Mark Gertler
Physical Description
  • preprint
Notes
  • We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward looking rule to set prices. The model nests the purely forward looking New Keynesian Phillips curve as a particular case. We use measures of marginal costs as the relevant determinant of inflation, as the theory suggests, instead of an ad-hoc output gap. Real marginal costs are a significant and quantitatively important determinant of inflation. Backward looking price setting, while statistically significant, is not quantitatively important. Thus, we conclude that the New Keynesian Phillips curve provides a good first approximation to the dynamics of inflation.
  • New Keynesian models, Phillips curve, sticky prices, inflation persistence
  • RePEc:upf:upfgen:341
  • RePEc:nbr:nberwo:7551
Language
  • English
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