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What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?

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dc.creator Alvarez González, Luis Julián
dc.date 2007
dc.date.accessioned 2013-10-16T06:57:02Z
dc.date.available 2013-10-16T06:57:02Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17846
dc.identifier ppn:53485981X
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17846
dc.description The New Keynesian Phillips curve (NKPC) has become the dominant model on inflation dynamics. Moreover, a large body of empirical research has documented in recent years price-setting behaviour at the individual level, which allows the assessment of the microfoundations of pricing models. It is found that a generalised version of the hybrid NKPC of Gali and Gertler (1999) accounts for a number of stylised facts, including rule of thumb price setters, and inflation persistence. Other frequently used versions of the NKPC, such as those that consider full or partial indexation or costs of adjustment, are clearly at odds with micro price evidence.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1330
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.subject New-Keynesian Phillips Curve
dc.subject Betriebliche Preispolitik
dc.subject Preisstatistik
dc.subject Schätzung
dc.subject Welt
dc.title What Do Micro Price Data Tell Us on the Validity of the New Keynesian Phillips Curve?
dc.type doc-type:workingPaper


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