DISCUSSION OF HYBRID NEW KEYNESIAN PHILLIPS CURVE METHODOLOGY ON INFLATION DYNAMICS

Abstract

The New Keynesian Phillips curve accepts real marginal costs, which are shaped by forward pricing as relevant determinants of inflation. Accordingly, while some firms change prices in every period, the rest of the firms keep prices stable. When fixed prices are considered as the lagged value of inflation, price inertia emerges. In this study, how to reach the hybrid model by technically examining the backward looking expectations as a subset to capture the price inertia in the New Keynesian Phillips curve.

Keywords

• New Keynesian Phillips curve,price inertia,hybrid model

ENFLASYON DİNAMİKLERİNE İLİŞKİN HİBRİD YENİ KEYNESYEN PHILLIPS EĞRİSİ METODOLOJİSİNİN TARTIŞILMASI

Abstract

Yeni Keynesyen Phillips eğrisi, enflasyonun dinamikleri olarak, ileriye dönük fiyatlandırma ve reel marjinal maliyetleri ölçüt kabul etmektedir. Her dönemde firmaların bir kısmı fiyatları değiştirirken, geri kalan firmalar fiyatları sabit tutmaktadır. Sabit tutulan fiyatlar, enflasyonun gecikmeli değeri olarak değerlendirildiğinde, fiyat ataleti ortaya çıkmaktadır. Bunun önüne geçmek için, geriye dönük fiyatlandırma Yeni Keynesyen Phillips eğrisine dahil edilerek hibrid model geliştirilmiştir. Bu çalışmada, hibrid modelin metodolojik gelişimi teknik açıdan incelenirken, söz konusu parametrelerin istatistiksel olarak anlamlılığı sorgulanmıştır. Böylece, enflasyon dinamiklerinin açıklanmasında hibrid modelin sınırları tartışılmıştır. 

Keywords

• Yeni Keynesyen Phillips eğrisi,fiyat ataleti,hibrid model

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