New Phillips curve under alternative production technologies for Canada, the United States, and the Euro area

European Economic Review

Volumn 49, Issue 6, 2005, Pages 1571-1602

  Gagnon, Edith ^a   Khan, Hashmat ^a,b  

^a BANK OF CANADA   (Canada)

^b BANK OF ENGLAND   (United Kingdom)

Author keywords

Inflation; Marginal cost; New Phillips curve; Strategic complementarity

Indexed keywords

COMPARATIVE STUDY; INFLATION; INTERNATIONAL COMPARISON; PRICE DYNAMICS; TECHNOLOGY ADOPTION;

CANADA; EASTERN HEMISPHERE; EURASIA; EUROPE; NORTH AMERICA; UNITED STATES; WESTERN HEMISPHERE; WORLD;

EID: 13444252604     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.euroecorev.2004.03.009     Document Type: Article

References (27)

1. Amato, J., Gerlach, S., 2000. Comparative estimates of new Keynesian Phillips curves. Manuscript, BIS.
2. Ball L. Romer D. Real rigidities and the non-neutrality of money Review of Economic Studies 57 1990 183-203
3. Basu S. Fernald J. Returns to scale in U.S. production: Estimates and implications Journal of Political Economy 105 1997 249-283
4. Blinder A. Canetti E. Lebow D. Rudd J. Asking About Prices: A New Approach to Understanding Price Stickiness 1998 Russell Sage Foundation New York
5. Calvo G.A. Staggered prices in a utility-maximizing framework Journal of Monetary Economics 12 1983 383-398
6. Erceg C. Henderson D. Levin A. Optimal monetary policy with staggered wage and price contracts Journal of Monetary Economics 46 2000 28-313
7. Fagan, G., Henry, J., Mestre, R., 2001. An area-wide model (AWM) for the Euro area. ECB Working Paper No. 42.
8. Fuhrer J. Moore G. Inflation persistence Quarterly Journal of Economics 110 1995 127-159
9. Galí, J., 2000. New perspectives on monetary policy, inflation, and the business cycle. Manuscript.
10. Galí J. Gertler M. Inflation dynamics: A structural econometric analysis Journal of Monetary Economics 44 1999 195-222
11. Galí, J., López-Salido, J.D., 2000. A new Phillips curve for Spain. BIS Paper no. 3.
12. Galí J. Gertler M. López-Salido J.D. European inflation dynamics European Economic Review 45 2001 1237 1270
13. Galí, J., Gertler, M., López-Salido, J.D., 2003. Robustness of the estimates of the hybrid new Keynesian Phillips curve. Manuscript.
14. Goodfriend, M., King, R., 1997. The new neoclassical synthesis and the role of monetary policy. In: Bernanke, B., Rotemberg, J. (Eds.), NBER Macroeconomics Annual. MIT Press, Cambridge, MA, pp. 231-295.
15. Hansen L. Large sample properties of generalized method of moments estimators Econometrica 50 1982 1029-1054
16. Kimball M. The quantitative analytics of the basic neomonetarist model Journal of Money, Credit, and Banking 27 1995 1241-1277
17. King R. The new IS-LM model: Language, logic, and limits Federal Reserve Bank of Richmond Economic Quarterly 86 3 2001 45-103
18. King R. Wolman A. Inflation targeting in a St. Louis model of the 21st century Federal Reserve Bank of St. Louis Review 78 1996 83-107
19. Roberts J. New Keynesian economics and the Phillips curve Journal of Money, Credit, and Banking 27 1995 975-984
20. Rotemberg, J., Woodford, M., 1997. An optimization-based econometric framework for the evaluation of monetary policy. In: Bernanke, B., Rotemberg, J. (Eds.), NBER Macroeconomics Annual. MIT Press, Cambridge, MA, pp. 298-361.
21. Rotemberg, J., Woodford, M., 1999. The cyclical behaviour of prices and costs. In: Taylor, J., Woodford, W. (Eds.), Handbook of Macroeconomics, Vol. 1B. Elsevier, Amsterdam, pp. 298-361 (Chapter 16).
22. Rudd, J., Whelan, K., 2001. New tests of the new-Keynesian Phillips curve. Working paper No. 2001-30, Federal Reserve Board, Washington, DC.
23. Sbordone A. Prices and unit labour costs: A new test of price stickiness Journal of Monetary Economics 49 2002 265-292
24. Staiger D. Stock J. Instrumental variables regression with weak instruments Econometrica 65 1997 557-586
25. Wolman A. Sticky prices, marginal cost, and the behaviour of inflation Federal Reserve Bank of Richmond Economic Quarterly 85 1999 29-48
26. Woodford M. Interest and prices: Foundations of a theory of monetary policy 2003 Princeton University Press Princeton, NJ
27. Yun T. Nominal price rigidity, money supply endogeneity, and the business cycle Journal of Monetary Economics 37 1996 3-370