Output, Inflation and the New Keynesian Phillips Curve Chadha, Jagjit S.; Nolan, Charles

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Chadha, Jagjit S. ; Nolan, Charles
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International Review of Applied Economics
Phillips curve -- Research; Keynesian economics; Chadha, Jagjit S. -- Research
The key stochastic influences on inflation without resource to ad hoc cost or excess demand shocks is determined for the New Keynesian Phillips Curve (NKPC) in inflation-output space. The econometric implementation of NKPC, which evolves strictly according news on the stream of future marginal costs, allows to derive inflation as a forecast of future variables.
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