Supply, Factor Shares and Inflation Persistence: Re‐examining Euro‐area New‐Keynesian Phillips Curves*

Peter McAdam · Alpo Willman

48 citations0/0 files storedOxford Bulletin of Economics and Statistics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Abstract Using euro‐area data, we re‐examine the empirical success of New‐Keynesian Phillips curves (NKPCs). We re‐estimate with a suitably specified optimizing supply side (which attempts to treat non‐stationarity in factor income shares and mark‐ups) that allows us to derive estimates of technology parameters, marginal costs and ‘price gaps’. Our resulting estimates of the euro‐area NKPCs are robust, provide reasonable estimates for fixed‐price durations and discount rates and embody plausible dynamic properties. Our method for identifying the underlying determinants of NKPCs has general applicability to a wide set of countries as well as of use for sectoral studies.

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References

1983Staggered prices in a utility-maximizing framework 1980Economics and Consumer Behavior 1999Inflation dynamics: A structural econometric analysis 2002Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve 1985Economics of Worldwide Stagflation 1995Inflation Persistence 1995New Keynesian Economics and the Phillips Curve 2002Prices and unit labor costs: a new test of price stickiness

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2014Rebalancing the Euro Area: The Costs of Internal Devaluation 2005Forecasting inflation with thick models and neural networks 2005Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries 2018Unemployment And Inflation: Evidence Of A Nonlinear Phillips Curve In The Eurozone 2005Optimal Monetary Policy Rules for the Euro Area: An Analysis Using the Area Wide Model*2005Sources of Inflation Persistence in the Euro Area

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