English, Article, Journal or magazine article edition: Notes on the inflation dynamics of the New Keynesian Phillips Curve Andreas Hornstein

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Bookmark: http://trove.nla.gov.au/version/74640
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Notes on the inflation dynamics of the New Keynesian Phillips Curve
Author
  • Andreas Hornstein
Physical Description
  • preprint
Notes
  • These notes contain the derivations for results stated without proof in Hornstein (2007). First, I derive the log-linear approximation of the inflation dynamics in the Calvo-model with elements of backward-looking pricing when the approximation takes place around a positive average inflation rate. I derive a version of the "hybrid" New Keynesian Phillips Curve (NKPC) that can be estimated using standard GMM techniques. Second, I characterize the inflation dynamics implied by the NKPC when marginal cost follows an AR(1) process. For this purpose I derive the autocorrelation and crosscorrelation structure of inflation.
  • Keynesian economics ; Phillips curve
  • RePEc:fip:fedrwp:07-04
Language
  • English
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