Showing 1 - 10 of 23
This paper applies GMMestimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a testable specification where fluctuations in the terms of trade enter explicitly, thus allowing a comparison of the relevance of domestic...
Persistent link: https://www.econbiz.de/10009239047
In this paper we evaluate the relative influence of external versus domestic inflation drivers in the 12 new European Union (EU) member countries. Our empirical analysis is based on the New Keynesian Phillips Curve (NKPC) derived in Galí and Monacelli (2005) for small open economies (SOE)....
Persistent link: https://www.econbiz.de/10009239698
Persistent link: https://www.econbiz.de/10009243403
Persistent link: https://www.econbiz.de/10009749561
Persistent link: https://www.econbiz.de/10009749584
Persistent link: https://www.econbiz.de/10003338726
Persistent link: https://www.econbiz.de/10010359843
Persistent link: https://www.econbiz.de/10012416768
Persistent link: https://www.econbiz.de/10008669228
If firms borrow working capital to finance production, then nominal interest rates have a direct influence on inflation dynamics, which appears to be the case empirically. However, interest rates may only partly mirror the cost of working capital. In this paper we explore the role of bank...
Persistent link: https://www.econbiz.de/10009239701