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Ml vs GMM Estimates of Hybrid Macroeconomic Models (with an Application to the 'New Phillips Curve')

Jondeau, Eric; le Bihan, Hervé - 2003

, while those using GMM have reported the inflation dynamics to be predominantly forward-looking. This paper provides a …

Persistent link: https://www.econbiz.de/10014088634

Is the Phillips Curve Still Alive?

Reinbold, Brian; Wen, Yi - 2020

A.W. Phillips's discovery that inflation is negatively correlated with unemployment served as a …

Persistent link: https://www.econbiz.de/10014094429

ML vs GMM Estimates of Hybrid Macroeconomic Models (With an Application to the "New Phillips Curve")

JONDEAU, Eric; BIHAN, Hervé LE - EconWPA - 2003

Many macroeconomic models (including the NKPC - "New Keynesian" Phillips Curve) involve hybrid equations, in which some variables depend on both their lags and leads. Hybrid models have produced conflicting empirical results: GMM (respectively ML) estimation find the forward- looking component...

Persistent link: https://www.econbiz.de/10005062538

ML vs GMM Estimates of Hybrid Macroeconomic Models (With an Application to the New Phillips Curve)

Jondeau, E.; Le Bihan, H. - Banque de France - 2003

, while those using GMM have reported the inflation dynamics to be predominantly forward-looking. This paper provides a …

Persistent link: https://www.econbiz.de/10005056517

ML vs GMM Estimates of Hybrid Macroeconomic Models (With an Application to the "New Phillips Curve")

JONDEAU, Eric; BIHAN, Herve LE - EconWPA - 2003

Persistent link: https://www.econbiz.de/10005119217

Identifying Monetary Policy Shocks : A Natural Language Approach

Aruoba, S. Borağan; Drechsel, Thomas - National Bureau of Economic Research - 2024

We develop a novel method for the identification of monetary policy shocks. By applying natural language processing techniques to documents that Federal Reserve staff prepare in advance of policy decisions, we capture the Fed's information set. Using machine learning techniques, we then predict...

Persistent link: https://www.econbiz.de/10014544696

Inflation Expectations, the Phillips Curve and Monetary Policy

Curto Millet, Fabien - 2007

Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the … therefore examines the empirical properties of inflation expectations data constructed on the basis of both qualitative and … provides some insights into the nature of the interaction between monetary policy and inflation expectations. …

Persistent link: https://www.econbiz.de/10010271069

Interpreting the evidence for New Keynesian models of inflation dynamics

Nymoen, Ragnar; Swensen, Anders Rygh; Tveter, Eivind - 2011 - Publisert 21. sep. 2011 17:28 - Sist endret 21. sep. 2011 17:29

We present a framework for interpretation of the empirical results of New Keynesian models of inflation dynamics. Both … literature. For example, we show that the unit-root form of non-stationary may be implied for inflation even though the …

Persistent link: https://www.econbiz.de/10009301212

Evaluating Inflation Determinants with a Money Supply Rule in Four Central and Eastern European EU Member States

Mehrotra, Aaron N. - 2009

We evaluate the monetary determinants of inflation in the Czech Republic, Hungary, Poland and Slovakia by using the … excessive monetary growth on inflation is mixed: It is positive for Poland and Slovakia, but negative for the Czech Republic and … Hungary. Nevertheless, these results suggest that money does provide information about future inflation and that a McCallum …

Persistent link: https://www.econbiz.de/10013155386

Modern Phillips Curve Dynamics and the Median Wage

Kalevras, Kostas - 2017

This research outlines the Phillips Curve history, examines recent developments in the unemployment – inflation … research (especially since the Great Recession and its impact on price and wage inflation dynamics) and takes a fresh look at …

Persistent link: https://www.econbiz.de/10012962783