| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2712 |
| DP2712 Complementarities in Innovation Policy | |
| Lars-Hendrik Röller; Pierre Mohnen | |
| 发表日期 | 2001-02-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We provide evidence on the fit of the New Phillips Curve (NPC) for the Euro area over the period 1970?1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyse the factors underlying inflation inertia by examining the cyclical behaviour of marginal costs, as well as that of its two main components, namely, labour productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than US data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and US estimates, (c)\ inflation dynamics in the Euro area appear to have a stronger forward-looking component (i.e., less inertia) than in the US, (d) labour market frictions, as manifested in the behaviour of the wage markup, appear to have played a key role in shaping the behaviour of marginal costs and, consequenty, inflation in Europe. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation dynamics New keynesian phillips curve Emu Sticky prices |
| URL | https://cepr.org/publications/dp2712 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531770 |
| 推荐引用方式 GB/T 7714 | Lars-Hendrik Röller,Pierre Mohnen. DP2712 Complementarities in Innovation Policy. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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