Inflation expectations and the Phillips Curve : an encompassing framework

Discussion Paper 230 : Inflation expectations and the Phillips Curve an encompassing framework;
Expectativas de inflação e Curva de Phillips : um quadro estrutural

dc.creatorMaka, Alexis
dc.creatorBarbosa Filho, Fernando de Holanda
dc.date2017-11-27T19:08:47Z
dc.date2017-11-27T19:08:47Z
dc.date2017-11
dc.date.accessioned2023-09-28T19:17:31Z
dc.date.available2023-09-28T19:17:31Z
dc.identifierhttp://repositorio.ipea.gov.br/handle/11058/8169
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/9035629
dc.descriptionThis paper contrasts empirically four leading models of inflation dynamics – the accelerationist Phillips curve (APC), new Keynesian Phillips curve (NKPC), hybrid Phillips curve (HPC) and sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve specification that allows us to derive tests for these models within a single framework. Using the generalized method of moments (GMM) estimator, the evidence suggests that the restrictions implied by the NKPC, HPC, and SIPC are rejected for the U.S. during the Great Moderation. Only the restrictions implied by the APC are not rejected. When we use methods that are robust to the issue of weak instruments in GMM, the confidence regions are so wide that it is not possible to reject any models’ restrictions, meaning that the evidence is consistent with all four models of inflation dynamics.
dc.description26 p. : il.
dc.formatapplication/pdf
dc.formatapplication/pdf
dc.languageen-US
dc.publisherInstituto de Pesquisa Econômica Aplicada (Ipea)
dc.rightsInstituto de Pesquisa Econômica Aplicada (Ipea)
dc.rightsReproduction of this text and the data it contains is allowed as long as the source is cited. Reproductions for commercial purposes are prohibited
dc.sourcehttp://www.ipea.gov.br
dc.subjectIPEA::Finanças Públicas. Bancos. Relações Monetárias Internacionais::Moedas. Financiamento::Dinheiro::Inflação
dc.subjectIPEA::Finanças Públicas. Bancos. Relações Monetárias Internacionais::Moedas. Financiamento::Dinheiro::Política Monetária
dc.subjectPhillips curves
dc.subjectWeak instruments
dc.subjectFully robust confidence regions
dc.titleInflation expectations and the Phillips Curve : an encompassing framework
dc.titleDiscussion Paper 230 : Inflation expectations and the Phillips Curve an encompassing framework
dc.titleExpectativas de inflação e Curva de Phillips : um quadro estrutural
dc.typeDiscussion Paper
dc.coverageEstados Unidos
dc.coverage1985-2007


Este ítem pertenece a la siguiente institución