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  • The New Keynesian Phillips Curve has become an important part of modern monetary policy models. It describes the relationship between inflation and real marginal cost, which is derived from micro-founded models with rational expectations, sticky prices, and forward and backward looking behaviour. This answers the previous critique of the Phillips Curve. We estimate several specifications of the New Keynesian Phillips Curve for the Czech Republic between 1996 and 2009. We show that the GMM suffers under the problem of weak instruments leading to biased estimates. In turn, the FIML is robust and yields significant estimates of structural parameters implying a strong forward looking behaviour.
  • The New Keynesian Phillips Curve has become an important part of modern monetary policy models. It describes the relationship between inflation and real marginal cost, which is derived from micro-founded models with rational expectations, sticky prices, and forward and backward looking behaviour. This answers the previous critique of the Phillips Curve. We estimate several specifications of the New Keynesian Phillips Curve for the Czech Republic between 1996 and 2009. We show that the GMM suffers under the problem of weak instruments leading to biased estimates. In turn, the FIML is robust and yields significant estimates of structural parameters implying a strong forward looking behaviour. (en)
Title
  • Inflation Convergence and the New Keynesian Phillips Curve in the Czech Republic
  • Inflation Convergence and the New Keynesian Phillips Curve in the Czech Republic (en)
skos:prefLabel
  • Inflation Convergence and the New Keynesian Phillips Curve in the Czech Republic
  • Inflation Convergence and the New Keynesian Phillips Curve in the Czech Republic (en)
skos:notation
  • RIV/62156489:43110/11:00175932!RIV12-MSM-43110___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • S
http://linked.open...iv/cisloPeriodika
  • 2
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 204300
http://linked.open...ai/riv/idVysledku
  • RIV/62156489:43110/11:00175932
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • marginal costs; real unit labour costs; inflation; output gap; New Keynesian Phillips Curve (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [16712B3A80F8]
http://linked.open...i/riv/nazevZdroje
  • Acta Universitatis Carolinae. Oeconomica, Czech Economic Review
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 5
http://linked.open...iv/tvurceVysledku
  • Fidrmuc, Jarko
  • Danišková, Katarína
issn
  • 1802-4696
number of pages
http://localhost/t...ganizacniJednotka
  • 43110
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