Inflation dynamics:: A structural econometric analysis

Jordi Galı́

doi:10.1016/S0304-3932(99)00023-9

1999-10-01

1.6K

Jordi Galı́

Mark Gertler *

DOI：10.1016/S0304-3932(99)00023-9

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摘要

En 中文

We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward-looking rule to set prices. The model nests the purely forward-looking New Keynesian Phillips curve as a particular case. We use measures of marginal cost as the relevant determinant of inflation, as the theory suggests, instead of an ad hoc output gap. Real marginal costs are a significant and quantitatively important determinant of inflation. Backward-looking price setting, while statistically significant, is not quantitatively important. Thus, we conclude that the New Keynesian Phillips curve provides a good first approximation to the dynamics of inflation. (C) 1999 Elsevier Science B.V. All rights reserved.

Keyword:

inflation

Phillips curve

real marginal cost

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期刊

Journal of Monetary Economics

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4.1

论文数:

3.2K

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1.1W

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