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DISCUSSION OF HYBRID NEW KEYNESIAN PHILLIPS CURVE METHODOLOGY ON INFLATION DYNAMICS

Yıl 2020, Cilt: 3 Sayı: 2, 254 - 260, 01.07.2020
https://doi.org/10.33416/baybem.743868

Öz

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.

Kaynakça

  • Amato J., Laubach T., (2003). “Estimation and control of an optimizationbased model with sticky prices and wages”, Journal of Economic Dynamics and Control, 27, 1181-1215.
  • Calvo G.A., (1983). “Staggered prices in a utility maximizing framework”, Journal of Monetary Economics, 12, 383-398.
  • Christiano L.J, Eichenbaum M. & Evans C.L., (2005). “Nominal rigidities and the dynamic e⁄ects of a shock to monetary policy”, Journal of Political Economy, 113, 1-45.
  • Dennis, R. (2007) “Fixing the New Keynesian Phillips Curve.” Federal Reserve Bank of San Francisco Economic Letter Number, 2007-35, November 30.
  • Donald S.G., Newey W.K., (2001). “Choosing the number of instruments”, Econometrica, 69, 1161-1191.
  • Friedman, M. (1977). “Nobel lecture: inflation and unemployment”, Journal of Political Economy, 85(3), 451-472.
  • Gali J., Gertler M., (1999). “Inflation dynamics: A structural econometric analysis”, NBER Working Paper, 7551, 1-31.
  • Gali J., Smets F. & Wouters R., (2011). “Unemployment in an estimated new Keynesian model”, NBER Working Paper, 17084, 1-32.
  • Hwang H.H., Kim W., (2012). “Estimation of the hybrid Phillips curve: A source of conicting empirical results”, Southern Economic Journal, 78, 1265 1288.
  • Kapetanios G., (2006). “Choosing the optimal set of instruments from large instrument sets”, Computational Statistics & Data Analysis, 51, 612-620.
  • Lucas, R. E. (1972). “Expectations and the neutrality of money”, Journal of Economic Theory, 4(2), 103-124.
  • Muth, J. F. (1961). “Rational expectations and the theory of price movements”, Econometrica, 29(3), 315-335.
  • Nason J.M., Smith G.W., (20089. “Identifying the new Keynesian Phillips curve”, Journal of Applied Econometrics, 23, 525-551.
  • Phelps, E.S. (1968). “Money-Wage Dynamics and Labor-Market Equilibrium”, The Journal of Political Economy, 76(4), 678 – 711.
  • Phillips, A. W. (1958). “The relationship between unemployment and the rate of change of money wage rates in the United Kingdom”, Economica, 25(100), 283-299.
  • Rotemberg, J., J, Woodford, M. (1997). “An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy”, NBER Working Paper, 12, 297-361.
  • Rudd J., Whelan K., (2005a). “New tests of the new-Keynesian Phillips curve”, Journal of Monetary Economics, 52, 1167-1181.
  • Rudd J., Whelan K., (2007). “Modelling ination dynamics: A critical review of recent research”, Journal of Money, Credit and Banking, 30, 155-170.
  • Sargent, T. J. (1971). “A note on the ‘accelerationist’ controversy”, Journal of Money, Credit and Banking, 3(3), 721-725.
  • Smets F., Wouters R., (2003). “An estimated dynamic stochastic general equilibrium model of the Euro Area”, Journal of the European Economioc Association, 1, 1123-1175.
  • Taylor, J. B. (1980). “Aggregate dynamics and staggered contracts”, Journal of Political Economy, 88(1), 1-23.

ENFLASYON DİNAMİKLERİNE İLİŞKİN HİBRİD YENİ KEYNESYEN PHILLIPS EĞRİSİ METODOLOJİSİNİN TARTIŞILMASI

Yıl 2020, Cilt: 3 Sayı: 2, 254 - 260, 01.07.2020
https://doi.org/10.33416/baybem.743868

Öz

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. 

Kaynakça

  • Amato J., Laubach T., (2003). “Estimation and control of an optimizationbased model with sticky prices and wages”, Journal of Economic Dynamics and Control, 27, 1181-1215.
  • Calvo G.A., (1983). “Staggered prices in a utility maximizing framework”, Journal of Monetary Economics, 12, 383-398.
  • Christiano L.J, Eichenbaum M. & Evans C.L., (2005). “Nominal rigidities and the dynamic e⁄ects of a shock to monetary policy”, Journal of Political Economy, 113, 1-45.
  • Dennis, R. (2007) “Fixing the New Keynesian Phillips Curve.” Federal Reserve Bank of San Francisco Economic Letter Number, 2007-35, November 30.
  • Donald S.G., Newey W.K., (2001). “Choosing the number of instruments”, Econometrica, 69, 1161-1191.
  • Friedman, M. (1977). “Nobel lecture: inflation and unemployment”, Journal of Political Economy, 85(3), 451-472.
  • Gali J., Gertler M., (1999). “Inflation dynamics: A structural econometric analysis”, NBER Working Paper, 7551, 1-31.
  • Gali J., Smets F. & Wouters R., (2011). “Unemployment in an estimated new Keynesian model”, NBER Working Paper, 17084, 1-32.
  • Hwang H.H., Kim W., (2012). “Estimation of the hybrid Phillips curve: A source of conicting empirical results”, Southern Economic Journal, 78, 1265 1288.
  • Kapetanios G., (2006). “Choosing the optimal set of instruments from large instrument sets”, Computational Statistics & Data Analysis, 51, 612-620.
  • Lucas, R. E. (1972). “Expectations and the neutrality of money”, Journal of Economic Theory, 4(2), 103-124.
  • Muth, J. F. (1961). “Rational expectations and the theory of price movements”, Econometrica, 29(3), 315-335.
  • Nason J.M., Smith G.W., (20089. “Identifying the new Keynesian Phillips curve”, Journal of Applied Econometrics, 23, 525-551.
  • Phelps, E.S. (1968). “Money-Wage Dynamics and Labor-Market Equilibrium”, The Journal of Political Economy, 76(4), 678 – 711.
  • Phillips, A. W. (1958). “The relationship between unemployment and the rate of change of money wage rates in the United Kingdom”, Economica, 25(100), 283-299.
  • Rotemberg, J., J, Woodford, M. (1997). “An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy”, NBER Working Paper, 12, 297-361.
  • Rudd J., Whelan K., (2005a). “New tests of the new-Keynesian Phillips curve”, Journal of Monetary Economics, 52, 1167-1181.
  • Rudd J., Whelan K., (2007). “Modelling ination dynamics: A critical review of recent research”, Journal of Money, Credit and Banking, 30, 155-170.
  • Sargent, T. J. (1971). “A note on the ‘accelerationist’ controversy”, Journal of Money, Credit and Banking, 3(3), 721-725.
  • Smets F., Wouters R., (2003). “An estimated dynamic stochastic general equilibrium model of the Euro Area”, Journal of the European Economioc Association, 1, 1123-1175.
  • Taylor, J. B. (1980). “Aggregate dynamics and staggered contracts”, Journal of Political Economy, 88(1), 1-23.
Toplam 21 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Ayşegül Ladin Sümer 0000-0001-6507-3954

Yayımlanma Tarihi 1 Temmuz 2020
Gönderilme Tarihi 28 Mayıs 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 3 Sayı: 2

Kaynak Göster

APA Sümer, A. L. (2020). DISCUSSION OF HYBRID NEW KEYNESIAN PHILLIPS CURVE METHODOLOGY ON INFLATION DYNAMICS. İşletme Ekonomi Ve Yönetim Araştırmaları Dergisi, 3(2), 254-260. https://doi.org/10.33416/baybem.743868

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